Colorado 2024 Regular Session

Colorado House Bill HB1381 Compare Versions

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Version 2 (New)

Old	New		Differences
	1	+	Second Regular Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REREVISED
	5	+	This Version Includes All Amendments
	6	+	Adopted in the Second House
	7	+	LLS NO. 24-0578.01 Richard Sweetman x4333
1	8		HOUSE BILL 24-1381
2		-	BY REPRESENTATIVE(S) Kipp and Soper, deGruy Kennedy, Garcia,
3		-	Joseph, Lindstedt, Snyder, Hamrick, Ricks;
4		-	also SENATOR(S) Hansen and Mullica.
	9	+	House Committees Senate Committees
	10	+	Finance Business, Labor, & Technology
	11	+	Appropriations Appropriations
	12	+	A BILL FOR AN ACT
5	13		C
6		-	ONCERNING THE CONTINUATION OF THE DIVISION OF FINANCIAL SERVICES
7		-	IN THE DEPARTMENT OF REGULATORY AGENCIES
8		-	, AND, IN
9		-	CONNECTION THEREWITH
10		-	, IMPLEMENTING THE RECOMMENDATIONS
11		-	CONTAINED IN THE
12		-	2023 SUNSET REPORT BY THE DEPARTMENT OF
13		-	REGULATORY AGENCIES
14		-	.
15		-
16		-	Be it enacted by the General Assembly of the State of Colorado:
17		-	SECTION 1. In Colorado Revised Statutes, 24-34-104, repeal
18		-	(25)(a)(I); and add (34)(a)(XI) as follows:
19		-	24-34-104. General assembly review of regulatory agencies and
20		-	functions for repeal, continuation, or reestablishment - legislative
21		-	declaration - repeal. (25) (a) The following agencies, functions, or both,
22		-	are scheduled for repeal on September 1, 2024:
23		-	(I) The division of financial services created in article 44 of title 11;
24		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
25		-	officers and the Governor. To determine whether the Governor has signed the bill
26		-	or taken other action on it, please consult the legislative status sheet, the legislative
27		-	history, or the Session Laws.
28		-	________
29		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
30		-	through words or numbers indicate deletions from existing law and such material is not part of
31		-	the act. (34) (a) The following agencies, functions, or both, are scheduled
32		-	for repeal on September 1, 2033:
33		-	(XI) T
34		-	HE DIVISION OF FINANCIAL SERVICES CREATED IN ARTICLE 44
35		-	OF TITLE 11.
36		-	SECTION 2. In Colorado Revised Statutes, add 11-44-124 as
37		-	follows:
	14	+	ONCERNING THE CONTINUATION OF THE DIVISION OF FINANCIAL101
	15	+	SERVICES IN THE DEPARTMENT OF REGULATORY AGENCIES , AND,102
	16	+	IN CONNECTION THEREWITH , IMPLEMENTING THE103
	17	+	RECOMMENDATIONS CONTAINED IN THE 2023 SUNSET REPORT104
	18	+	BY THE DEPARTMENT OF REGULATORY AGENCIES .105
	19	+	Bill Summary
	20	+	(Note: This summary applies to this bill as introduced and does
	21	+	not reflect any amendments that may be subsequently adopted. If this bill
	22	+	passes third reading in the house of introduction, a bill summary that
	23	+	applies to the reengrossed version of this bill will be available at
	24	+	http://leg.colorado.gov/
	25	+	.)
	26	+	Sunset Process - House Finance Committee. The bill implements
	27	+	the recommendations of the department of regulatory agencies (DORA)
	28	+	SENATE
	29	+	3rd Reading Unamended
	30	+	May 3, 2024
	31	+	SENATE
	32	+	2nd Reading Unamended
	33	+	May 1, 2024
	34	+	HOUSE
	35	+	3rd Reading Unamended
	36	+	April 19, 2024
	37	+	HOUSE
	38	+	Amended 2nd Reading
	39	+	April 18, 2024
	40	+	HOUSE SPONSORSHIP
	41	+	Kipp and Soper, deGruy Kennedy, Garcia, Joseph, Lindstedt, Snyder, Hamrick, Ricks
	42	+	SENATE SPONSORSHIP
	43	+	Hansen and Mullica,
	44	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	45	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	46	+	Dashes through the words or numbers indicate deletions from existing law. in its sunset review and report on the division of financial services
	47	+	(division), which is created within DORA. Specifically:
	48	+	! Sections 1 through 3 of the bill continue the division and
	49	+	the financial services board (board) for 15 years, until
	50	+	2039;
	51	+	! Section 4 authorizes a credit union to merge with a credit
	52	+	union that is chartered in another state;
	53	+	! Sections 5 and 8 increase the maximum civil penalty for
	54	+	violating a cease-and-desist order or suspension order from
	55	+	$1,000 per day to $5,000 per day;
	56	+	! Section 6 repeals a provision that prohibits credit unions
	57	+	from having overlapping geographic fields of membership
	58	+	and repeals a requirement that the board send hearing
	59	+	notices by certified or registered mail;
	60	+	! Section 7 authorizes a credit union to determine the dates
	61	+	upon which its fiscal year ends and its board of directors
	62	+	annually meets;
	63	+	! Section 9 repeals an obsolete statute; and
	64	+	! Sections 4, 7, and 10 through 59 replace gender-specific
	65	+	language with gender-neutral language.
	66	+	Be it enacted by the General Assembly of the State of Colorado:1
	67	+	SECTION 1. In Colorado Revised Statutes, 24-34-104, repeal2
	68	+	(25)(a)(I); and add
	69	+	(34)(a)(IX) as follows:3
	70	+	24-34-104. General assembly review of regulatory agencies4
	71	+	and functions for repeal, continuation, or reestablishment - legislative5
	72	+	declaration - repeal. (25) (a) The following agencies, functions, or both,6
	73	+	are scheduled for repeal on September 1, 2024:7
	74	+	(I) The division of financial services created in article 44 of title8
	75	+	11;9
	76	+	(34) (a) The following agencies, functions, or both, are scheduled10
	77	+	for repeal on September 1, 2033:11
	78	+	(IX) THE DIVISION OF FINANCIAL SERVICES CREATED IN ARTICLE12
	79	+	44 OF TITLE 11. 13
	80	+	SECTION 2. In Colorado Revised Statutes, add 11-44-124 as14
	81	+	1381-2- follows:1
38	82		11-44-124. Repeal of article - review of functions. T
39		-	HIS ARTICLE
40		-	44 IS REPEALED, EFFECTIVE SEPTEMBER 1, 2033. BEFORE THE REPEAL, THE
41		-	DIVISION AND THE BOARD ARE SCHEDULED FOR REVIEW IN ACCORDANCE
42		-	WITH SECTION
43		-	24-34-104.
44		-	SECTION 3. In Colorado Revised Statutes, repeal 11-44-101.5 as
45		-	follows:
46		-	11-44-101.5. Division subject to termination - repeal of article.
47		-	(1) The provisions of section 24-34-104, C.R.S., concerning the
48		-	termination schedule for regulatory bodies of the state unless extended as
49		-	provided in that section, are applicable to the division of financial services
50		-	created by section 11-44-101.
51		-	(2) This article is repealed, effective September 1, 2024.
52		-	SECTION 4. In Colorado Revised Statutes, 11-30-122, amend (5);
53		-	and add (8) as follows:
54		-	11-30-122. Merger. (5) The duplicate of the certificate of merger
55		-	with the board's certificate of approval attached shall be filed with the
56		-	secretary of state who shall make a record of said
57		-	THE certificate and return
58		-	it, with his THE SECRETARY OF STATE'S certificate of record attached, to the
59		-	board for permanent record. The fee for said THE filing shall be determined
60		-	and collected pursuant to section 24-21-104 (3). C.R.S.
61		-	(8) A CREDIT UNION MAY MERGE WITH A CREDIT UNION THAT IS
62		-	CHARTERED IN ANOTHER STATE SO LONG AS THE MERGER IS APPROVED BY
63		-	THE BOARD OF DIRECTORS OF EACH CREDIT UNION
64		-	, THE COMMISSIONER, AND
65		-	THE FEDERAL NATIONAL CREDIT UNION ADMINISTRATION
66		-	. BEFORE
67		-	APPROVING A MERGER
68		-	, THE COMMISSIONER SHALL CONSIDER THE CONDITION
69		-	PAGE 2-HOUSE BILL 24-1381 OF EACH CREDIT UNION THAT IS A PARTY TO THE MERGER AND WHETHER THE
70		-	MERGER POSES ANY RISKS TO THE MEMBERS OF EACH CREDIT UNION
71		-	.
72		-	SECTION 5. In Colorado Revised Statutes, 11-30-106.5, amend
73		-	(3) as follows:
74		-	11-30-106.5. Assessment of civil money penalties. (3) In
75		-	determining the amount of the
76		-	A civil money penalty to be assessed, the
	83	+	HIS ARTICLE2
	84	+	44
	85	+	IS REPEALED, EFFECTIVE SEPTEMBER 1,
	86	+	2033. BEFORE THE REPEAL, THE3
	87	+	DIVISION AND THE BOARD ARE SCHEDULED FOR REVIEW IN ACCORDANCE4
	88	+	WITH SECTION 24-34-104.5
	89	+	SECTION 3. In Colorado Revised Statutes, repeal 11-44-101.56
	90	+	as follows:7
	91	+	11-44-101.5. Division subject to termination - repeal of article.8
	92	+	(1) The provisions of section 24-34-104, C.R.S., concerning the9
	93	+	termination schedule for regulatory bodies of the state unless extended as10
	94	+	provided in that section, are applicable to the division of financial11
	95	+	services created by section 11-44-101.12
	96	+	(2) This article is repealed, effective September 1, 2024.13
	97	+	SECTION 4. In Colorado Revised Statutes, 11-30-122, amend14
	98	+	(5); and add (8) as follows:15
	99	+	11-30-122. Merger. (5) The duplicate of the certificate of merger16
	100	+	with the board's certificate of approval attached shall be filed with the17
	101	+	secretary of state who shall make a record of said THE certificate and18
	102	+	return it, with his THE SECRETARY OF STATE 'S certificate of record19
	103	+	attached, to the board for permanent record. The fee for said THE filing20
	104	+	shall be determined and collected pursuant to section 24-21-104 (3).21
	105	+	C.R.S.22
	106	+	(8) A
	107	+	CREDIT UNION MAY MERGE WITH A CREDIT UNION THAT IS23
	108	+	CHARTERED IN ANOTHER STATE SO LONG AS THE MERGER IS APPROVED BY24
	109	+	THE BOARD OF DIRECTORS OF EACH CREDIT UNION , THE COMMISSIONER,25
	110	+	AND THE FEDERAL NATIONAL CREDIT UNION ADMINISTRATION . BEFORE26
	111	+	APPROVING A MERGER , THE COMMISSIONER SHALL CONSIDER THE27
	112	+	1381
	113	+	-3- CONDITION OF EACH CREDIT UNION THAT IS A PARTY TO THE MERGER AND1
	114	+	WHETHER THE MERGER POSES ANY RISKS TO THE MEMBERS OF EACH2
	115	+	CREDIT UNION.3
	116	+	SECTION 5. In Colorado Revised Statutes, 11-30-106.5, amend4
	117	+	(3) as follows:5
	118	+	11-30-106.5. Assessment of civil money penalties. (3) In6
	119	+	determining the amount of the A civil money penalty to be assessed, the7
77	120		commissioner shall consider the good faith of the person
78		-	AGAINST WHOM
79		-	THE PENALTY IS
80		-	assessed, the gravity of the violation, any previous
	121	+	AGAINST WHOM8
	122	+	THE PENALTY IS assessed, the gravity of the violation, any previous9
81	123		violations by the person
82		-	AGAINST WHOM THE PENALTY IS assessed, and such
83		-	other matters as THAT the commissioner may deem appropriate. except that
84		-	The AMOUNT OF THE civil money penalty shall be MUST not more than one
85		-	EXCEED FIVE thousand dollars per day for each day the person assessed is
86		-	determined by the commissioner to be in violation of a cease-and-desist
87		-	order or an order of suspension or removal. Alternatively, the commissioner
88		-	may assess a civil money penalty for such
89		-	A violation in a lump-sum amount
90		-	not to exceed fifty thousand dollars.
91		-	SECTION 6. In Colorado Revised Statutes, 11-30-101.7, amend
92		-	(3)(a), (5) introductory portion, (5)(b), and (5)(c); and repeal (5)(d) as
93		-	follows:
94		-	11-30-101.7. Hearing procedures for community field of
95		-	membership credit unions. (3) (a) The board shall give notice of a
96		-	hearing on a community field of membership application at least thirty days
97		-	before the hearing date by registered or certified mail,
98		-	to the principal office
99		-	of each credit union, savings and loan association, or bank within the
100		-	neighborhood, community, or rural district sought to be served by the
101		-	proposed community credit union and to such
102		-	other persons or credit
103		-	unions, savings and loan associations, or banks as THAT the board may
104		-	designate.
105		-	(5) Within ninety days following the conclusion of AFTER a hearing,
106		-	the board shall issue a written order granting a community field of
107		-	membership if the board finds:
108		-	(b) That the credit union would benefit its members or proposed
109		-	members, consistent with the purposes of this article,
110		-	ARTICLE 30; that the
111		-	general character and fitness of the incorporators is appropriate; and that it
112		-	PAGE 3-HOUSE BILL 24-1381 is advisable from an economic standpoint to establish the proposed credit
113		-	union;
114		-	AND
115		-	(c) That the neighborhood, community, or rural district is politically,
116		-	geographically, socially, or economically well defined. and
117		-	(d) That the members of other credit unions within the
118		-	neighborhood, community, or rural district are specifically excluded from
119		-	membership, except as otherwise provided by the board for good cause.
120		-	SECTION 7. In Colorado Revised Statutes, amend 11-30-107 as
121		-	follows:
122		-	11-30-107. Fiscal year - meetings. (1) The fiscal year of all credit
123		-	unions shall end December 31 of each year. The annual meeting shall be
124		-	held within five months after the close of said fiscal year A BOARD OF
125		-	DIRECTORS OF A CREDIT UNION MAY DETERMINE THE DATE UPON WHICH THE
126		-	CREDIT UNION
127		-	'S FISCAL YEAR ENDS, SO LONG AS THE DATE COINCIDES WITH
128		-	THE END OF A STANDARD FISCAL QUARTER
129		-	.
	124	+	AGAINST WHOM THE PENALTY IS assessed, and10
	125	+	such
	126	+	other matters as THAT the commissioner may deem appropriate.11
	127	+	except that The AMOUNT OF THE civil money penalty shall be MUST not12
	128	+	more than one EXCEED FIVE thousand dollars per day for each day the13
	129	+	person assessed is determined by the commissioner to be in violation of14
	130	+	a cease-and-desist order or an order of suspension or removal.15
	131	+	Alternatively, the commissioner may assess a civil money penalty for16
	132	+	such A violation in a lump-sum amount not to exceed fifty thousand17
	133	+	dollars.18
	134	+	SECTION 6. In Colorado Revised Statutes, 11-30-101.7, amend19
	135	+	(3)(a), (5) introductory portion, (5)(b), and (5)(c); and repeal (5)(d) as20
	136	+	follows:21
	137	+	11-30-101.7. Hearing procedures for community field of22
	138	+	membership credit unions. (3) (a) The board shall give notice of a23
	139	+	hearing on a community field of membership application at least thirty24
	140	+	days before the hearing date by registered or certified mail, to the25
	141	+	principal office of each credit union, savings and loan association, or26
	142	+	bank within the neighborhood, community, or rural district sought to be27
	143	+	1381
	144	+	-4- served by the proposed community credit union and to such other persons1
	145	+	or credit unions, savings and loan associations, or banks as THAT the2
	146	+	board may designate.3
	147	+	(5) Within ninety days following the conclusion of AFTER a4
	148	+	hearing, the board shall issue a written order granting a community field5
	149	+	of membership if the board finds:6
	150	+	(b) That the credit union would benefit its members or proposed7
	151	+	members, consistent with the purposes of this article, ARTICLE 30; that the8
	152	+	general character and fitness of the incorporators is appropriate; and that9
	153	+	it is advisable from an economic standpoint to establish the proposed10
	154	+	credit union;
	155	+	AND11
	156	+	(c) That the neighborhood, community, or rural district is12
	157	+	politically, geographically, socially, or economically well defined. and
	158	+	13
	159	+	(d) That the members of other credit unions within the14
	160	+	neighborhood, community, or rural district are specifically excluded from15
	161	+	membership, except as otherwise provided by the board for good cause.16
	162	+	SECTION 7. In Colorado Revised Statutes, amend 11-30-107 as17
	163	+	follows:18
	164	+	11-30-107. Fiscal year - meetings. (1) The fiscal year of all19
	165	+	credit unions shall end December 31 of each year. The annual meeting20
	166	+	shall be held within five months after the close of said fiscal year A21
	167	+	BOARD OF DIRECTORS OF A CREDIT UNION MAY DETERMINE THE DATE22
	168	+	UPON WHICH THE CREDIT UNION 'S FISCAL YEAR ENDS, SO LONG AS THE23
	169	+	DATE COINCIDES WITH THE END OF A STANDARD FISCAL QUARTER .24
130	170		(2) A
131		-	BOARD OF DIRECTORS OF A CREDIT UNION MAY DETERMINE THE
132		-	DATE OF THE CREDIT UNION
133		-	'S ANNUAL MEMBERSHIP MEETING . Special
134		-	meetings may be held in the manner indicated in the bylaws. At all
135		-	meetings, a member shall have but a single
136		-	HAS ONLY ONE vote, whatever
137		-	his REGARDLESS OF THE MEMBER 'S share holdings. There shall NOT be no
138		-	voting by proxy, but a member other than a natural person may cast a single vote through a delegated agent.
139		-	SECTION 8. In Colorado Revised Statutes, 11-44-123, amend (3)
140		-	as follows:
141		-	11-44-123. Assessment of civil money penalties. (3) In
142		-	determining the amount of the
143		-	A civil money penalty to be assessed, the
	171	+	BOARD OF DIRECTORS OF A CREDIT UNION MAY DETERMINE25 THE DATE OF THE CREDIT UNION'S ANNUAL MEMBERSHIP MEETING. Special26
	172	+	meetings may be held in the manner indicated in the bylaws. At all27
	173	+	1381
	174	+	-5- meetings, a member shall have but a single HAS ONLY ONE vote, whatever1
	175	+	his REGARDLESS OF THE MEMBER 'S share holdings. There shall NOT be no2
	176	+	voting by proxy, but a member other than a natural person may cast a3
	177	+	single vote through a delegated agent.4
	178	+	SECTION 8. In Colorado Revised Statutes, 11-44-123, amend5
	179	+	(3) as follows:6
	180	+	11-44-123. Assessment of civil money penalties. (3) In7
	181	+	determining the amount of the A civil money penalty to be assessed, the8
144	182		commissioner shall consider the good faith of the person
145		-	AGAINST WHOM
146		-	THE PENALTY IS
147		-	assessed, the gravity of the violation, any previous
	183	+	AGAINST WHOM9
	184	+	THE PENALTY IS assessed, the gravity of the violation, any previous10
148	185		violations by the person
149		-	AGAINST WHOM THE PENALTY IS assessed, and such
150		-	other matters as THAT the commissioner may deem appropriate. except that
151		-	The AMOUNT OF THE civil money penalty shall be MUST not more than one
152		-	EXCEED FIVE thousand dollars per day for each day the person assessed is
153		-	determined by the commissioner to be in violation of a cease-and-desist
154		-	PAGE 4-HOUSE BILL 24-1381 order or an order of suspension or removal. Alternatively, the commissioner
155		-	may assess a civil money penalty for such A violation in a lump-sum amount
156		-	not to exceed fifty thousand dollars.
157		-	SECTION 9. In Colorado Revised Statutes, repeal 11-30-124 as
158		-	follows:
159		-	11-30-124. Transfer of functions - conforming of statutes. (1) As
160		-	of April 11, 1988, the powers, duties, and functions of the state bank
161		-	commissioner under this article are transferred to the state commissioner of
162		-	financial services.
163		-	(2) On April 11, 1988, all employees of the division of banking
164		-	whose principal duties are concerned with the powers, duties, and functions
165		-	transferred to the state commissioner of financial services and whose
166		-	employment in the division of financial services is deemed necessary by the
167		-	executive director of the department of regulatory agencies to carry out the
168		-	purposes of this article are transferred to the division of financial services
169		-	and shall become employees thereof. Such employees shall retain all rights
170		-	to state personnel system and retirement benefits under the laws of this
171		-	state, and their services shall be deemed to have been continuous.
172		-	(3) On April 11, 1988, all items of property, real and personal,
173		-	including office furniture and fixtures, books, documents, and records of the
174		-	division of banking pertaining to the powers, duties, and functions
175		-	transferred to the state commissioner of financial services pursuant to this
176		-	section shall be transferred to the division of financial services and shall
177		-	become the property thereof.
178		-	(4) Whenever the state bank commissioner or the division of
179		-	banking is referred to or designated by any contract or other document in
180		-	connection with the powers, duties, and functions transferred to the state
181		-	commissioner of financial services, such reference or designation shall be
182		-	deemed to apply to the state commissioner of financial services or the
183		-	division of financial services, as the case may be. All contracts entered into
184		-	by the state bank commissioner or the division of banking prior to April 11,
185		-	1988, in connection with the powers, duties, and functions transferred to the
186		-	state commissioner of financial services are hereby validated, with the state
187		-	commissioner of financial services succeeding to all the rights and
188		-	obligations of such contracts.
189		-	PAGE 5-HOUSE BILL 24-1381 (5) On April 11, 1988, any unexpended appropriations of funds for
190		-	the current fiscal year made to the division of banking and allocated for the
191		-	administration and enforcement of this article shall be transferred to the
192		-	division of financial services. The executive director of the department of
193		-	regulatory agencies shall have the final authority to determine the allocation
194		-	of funds for purposes of the transfer under this subsection (5).
195		-	(6) The revisor of statutes is authorized to change all references to
196		-	the state bank commissioner in this article to refer to the state commissioner
197		-	of financial services and to change all references to the division of banking
198		-	in this article to refer to the division of financial services.
199		-	SECTION 10. In Colorado Revised Statutes, 11-30-101, amend (5)
200		-	as follows:
201		-	11-30-101. Definitions - organization - charter - investigation.
202		-	(5) After the said INCORPORATORS FILE A certified copy of articles of
203		-	incorporation have been filed with the commissioner he AS DESCRIBED IN
204		-	SUBSECTION
205		-	(4) OF THIS SECTION, THE COMMISSIONER shall issue a charter
206		-	for such
207		-	THE credit union, at which time the credit union shall become
208		-	BECOMES a body corporate having AND HAS the powers enumerated in
209		-	section 7-103-102, C.R.S., except as otherwise provided or limited in this
210		-	article ARTICLE 30.
211		-	SECTION 11. In Colorado Revised Statutes, 11-30-106, amend (6)
212		-	as follows:
213		-	11-30-106. Examinations - reports - powers of commissioner -
214		-	rules - penalty. (6) (a) The commissioner has the power to MAY:
215		-	(I) Issue subpoenas and require attendance of any and all officers,
216		-	directors, agents, and employees OFFICER, DIRECTOR, AGENT, OR EMPLOYEE
217		-	of any credit union and such ANY other witnesses as he THAT THE
218		-	COMMISSIONER
219		-	may deem necessary in relation to its
220		-	THE CREDIT UNION'S
221		-	affairs, transactions, and conditions; and may
222		-	(II) Require such witnesses to appear and answer such questions as
223		-	THAT THE COMMISSIONER may be put to them; by the commissioner, and
224		-	may
225		-	PAGE 6-HOUSE BILL 24-1381 (III) Require such witnesses to produce such books, papers, or
226		-	documents in their possession. as may be required by the commissioner.
227		-	(b) Upon application of the commissioner, any person served with
228		-	a subpoena issued by him THE COMMISSIONER may be required, by order of
229		-	the district court of the county where the credit union has its principal
230		-	office, to:
231		-	(I) Appear and answer such
232		-	questions as THAT THE COMMISSIONER
233		-	may be put to him by the commissioner THE PERSON; and be required to
234		-	(II) Produce such books, papers, or documents in his THE PERSON'S
235		-	possession as may be required by THAT the commissioner MAY REQUIRE.
236		-	SECTION 12. In Colorado Revised Statutes, 11-30-109, amend (3)
237		-	as follows:
238		-	11-30-109. Directors and officers - compensation. (3) A credit
239		-	union may reasonably compensate a director for his or her THE DIRECTOR'S
240		-	services to the credit union. Providing reasonable life, health, accident, and similar insurance protection is not considered compensation. Directors, officers, and committee members may be reimbursed for necessary expenses incidental to the performance of the official business of the credit union.
241		-	SECTION 13. In Colorado Revised Statutes, amend 11-30-110 as
242		-	follows:
243		-	11-30-110. Credit committee - credit officer. The credit committee
244		-	or credit officer shall have the
245		-	HAS general supervision of all loans to
246		-	members. Applications for loans shall MUST be on a form approved by the
247		-	credit committee or the credit officer. At least a majority of the members of
248		-	the credit committee or the credit officer shall pass and approve or
249		-	disapprove all loans; except that the credit committee or the credit officer
250		-	may appoint
251		-	DELEGATE TO one or more loan officers and delegate to the
252		-	same the power to approve or disapprove loans which THAT are within
253		-	limits prescribed by the credit committee or the credit officer. Each loan
254		-	officer shall furnish to the credit committee or the credit officer a record of
255		-	each loan application received by him
256		-	THE LOAN OFFICER within seven days
257		-	after the date of filing of the application IS FILED. All loans not approved by
258		-	PAGE 7-HOUSE BILL 24-1381 a loan officer may be considered by the credit committee or the credit
259		-	officer. No A member of the credit committee shall NOT receive any
260		-	compensation as a loan officer or be employed by the credit union in any
261		-	other capacity. A credit officer may receive compensation in connection
262		-	with the performance of his
263		-	THE CREDIT OFFICER'S duties. The credit
264		-	committee shall meet as often as may be necessary after due notice to each
265		-	member. Vacancies in the credit committee shall be filled pursuant to
266		-	section 11-30-109 (1)(e).
267		-	SECTION 14. In Colorado Revised Statutes, amend 11-30-112 as
268		-	follows:
269		-	11-30-112. Capital. The capital of a credit union shall consist
270		-	CONSISTS of the payments that have been made to it in shares by the several
271		-	members thereof OF THE CREDIT UNION. The credit union has a lien on the
272		-	shares and deposits of a member for any sum due to the credit union from
273		-	said
274		-	THE member or for any loan endorsed by him THE MEMBER. A credit
275		-	union may charge an entrance fee and an annual membership fee, but such
276		-	THE fees shall MUST be uniform to all members.
277		-	SECTION 15. In Colorado Revised Statutes, amend 11-30-113 as
278		-	follows:
279		-	11-30-113. Minors. Shares may be issued and deposits received in
280		-	the name of a minor. A member who is a minor shall be entitled to MAY
281		-	withdraw or pledge any shares owned by him THE MINOR and to receive
282		-	from the credit union any and all dividends or other moneys, MONEY at any
283		-	time the same become DIVIDENDS OR OTHER MONEY BECOMES due, in the
284		-	same manner and subject to the same conditions as an adult, and any receipt
285		-	or acquittance signed by such a
286		-	THE minor shall constitute CONSTITUTES a
287		-	valid release and discharge to the credit union for the payment of such
288		-	moneys
289		-	MONEY. The board of directors of the credit union may provide in
290		-	the bylaws of the credit union a minimum age of any minor to be eligible
291		-	for membership in the credit union and to vote at any meeting of the
292		-	members.
293		-	SECTION 16. In Colorado Revised Statutes, 11-30-120, amend
294		-	(1)(a), (1)(c), and (2) as follows:
295		-	11-30-120. Suspension - liquidation - procedures. (1) (a) If it
296		-	PAGE 8-HOUSE BILL 24-1381 appears that any credit union is insolvent, or that it has willfully violated
297		-	any provision of this article ARTICLE 30, or that it is operating in an unsafe
298		-	or unsound manner, the commissioner may issue his order for such THE
299		-	credit union to show cause why its operations should not be suspended until such
300		-	THE insolvency, violation, or manner of operation is rectified and
301		-	afford the credit union an opportunity for a hearing not less than ten days
302		-	nor more than twenty days after such
303		-	THE DATE THE order Such IS ISSUED.
304		-	T
305		-	HE order shall
306		-	MUST be in writing and delivered by registered or certified
307		-	mail. If the credit union fails to answer such THE order, or if any officer or
308		-	director of or attorney for the credit union fails to appear at the time set for
309		-	the hearing, the commissioner
310		-	MAY either may revoke the certificate of
311		-	incorporation of the credit union or may order the immediate suspension of
312		-	operations of the credit union, except
313		-	FOR the collection of payments on
314		-	outstanding loans or other obligations due
315		-	TO the credit union, or both, and
316		-	may enforce any such
317		-	THE order by an action filed in the district court of the
318		-	judicial district wherein WHERE the principal office of the credit union is
319		-	located, seeking to enjoin further operations or to appoint a receiver for
	186	+	AGAINST WHOM THE PENALTY IS assessed, and11
320	187		such
321		-	THE credit union.
322		-	(c) If the commissioner revokes the charter of the credit union, he
323		-	THE COMMISSIONER shall appoint a liquidating agent to liquidate the assets
324		-	of the credit union pursuant to subsection (3) of this section.
325		-	(2) Any credit union may be voluntarily dissolved and liquidated
326		-	upon majority vote of the entire membership thereof OF THE CREDIT UNION
327		-	at a meeting especially called for the THAT purpose or at the annual meeting
328		-	where notice of such THE proposed action is mailed to the members at least
329		-	thirty days prior to such BEFORE THE meeting. In either event, a copy of the
330		-	notice shall be delivered to the commissioner not less than ten days prior to
331		-	such BEFORE THE meeting. Any member of a credit union may cast his THE
332		-	MEMBER
333		-	'S ballot for or against such
334		-	THE dissolution and liquidation by mail
335		-	within twenty days after such THE meeting. If a majority of the members of
336		-	the credit union vote in favor of dissolution and liquidation, the board of
337		-	directors, within five days after the close of voting, shall notify the
338		-	commissioner of such
339		-	THE action and specify the names and addresses of
340		-	the directors and officers of the credit union who will conduct the
341		-	dissolution and liquidation of the credit union. Upon such
342		-	THE favorable
343		-	vote, the credit union shall cease to do business except for the collection of
	188	+	other matters as THAT the commissioner may deem appropriate.12
	189	+	except that The AMOUNT OF THE civil money penalty shall be MUST not13
	190	+	more than one EXCEED FIVE thousand dollars per day for each day the14
	191	+	person assessed is determined by the commissioner to be in violation of15
	192	+	a cease-and-desist order or an order of suspension or removal.16
	193	+	Alternatively, the commissioner may assess a civil money penalty for17
	194	+	such A violation in a lump-sum amount not to exceed fifty thousand18
	195	+	dollars.19
	196	+	SECTION 9. In Colorado Revised Statutes, repeal 11-30-124 as20
	197	+	follows:21
	198	+	11-30-124. Transfer of functions - conforming of statutes.22
	199	+	(1) As of April 11, 1988, the powers, duties, and functions of the state23
	200	+	bank commissioner under this article are transferred to the state24
	201	+	commissioner of financial services.25
	202	+	(2) On April 11, 1988, all employees of the division of banking26
	203	+	whose principal duties are concerned with the powers, duties, and27
	204	+	1381
	205	+	-6- functions transferred to the state commissioner of financial services and1
	206	+	whose employment in the division of financial services is deemed2
	207	+	necessary by the executive director of the department of regulatory3
	208	+	agencies to carry out the purposes of this article are transferred to the4
	209	+	division of financial services and shall become employees thereof. Such5
	210	+	employees shall retain all rights to state personnel system and retirement6
	211	+	benefits under the laws of this state, and their services shall be deemed to7
	212	+	have been continuous.8
	213	+	(3) On April 11, 1988, all items of property, real and personal,9
	214	+	including office furniture and fixtures, books, documents, and records of10
	215	+	the division of banking pertaining to the powers, duties, and functions11
	216	+	transferred to the state commissioner of financial services pursuant to this12
	217	+	section shall be transferred to the division of financial services and shall13
	218	+	become the property thereof.14
	219	+	(4) Whenever the state bank commissioner or the division of15
	220	+	banking is referred to or designated by any contract or other document in16
	221	+	connection with the powers, duties, and functions transferred to the state17
	222	+	commissioner of financial services, such reference or designation shall be18
	223	+	deemed to apply to the state commissioner of financial services or the19
	224	+	division of financial services, as the case may be. All contracts entered20
	225	+	into by the state bank commissioner or the division of banking prior to21
	226	+	April 11, 1988, in connection with the powers, duties, and functions22
	227	+	transferred to the state commissioner of financial services are hereby23
	228	+	validated, with the state commissioner of financial services succeeding to24
	229	+	all the rights and obligations of such contracts.25
	230	+	(5) On April 11, 1988, any unexpended appropriations of funds26
	231	+	for the current fiscal year made to the division of banking and allocated27
	232	+	1381
	233	+	-7- for the administration and enforcement of this article shall be transferred1
	234	+	to the division of financial services. The executive director of the2
	235	+	department of regulatory agencies shall have the final authority to3
	236	+	determine the allocation of funds for purposes of the transfer under this4
	237	+	subsection (5).5
	238	+	(6) The revisor of statutes is authorized to change all references6
	239	+	to the state bank commissioner in this article to refer to the state7
	240	+	commissioner of financial services and to change all references to the8
	241	+	division of banking in this article to refer to the division of financial9
	242	+	services.10
	243	+	SECTION 10. In Colorado Revised Statutes, 11-30-101, amend11
	244	+	(5) as follows:12
	245	+	11-30-101. Definitions - organization - charter - investigation.13
	246	+	(5) After the said INCORPORATORS FILE A certified copy of articles of14
	247	+	incorporation have been filed with the commissioner he AS DESCRIBED IN15
	248	+	SUBSECTION (4) OF THIS SECTION, THE COMMISSIONER shall issue a charter16
	249	+	for such THE credit union, at which time the credit union shall become17
	250	+	BECOMES a body corporate having AND HAS the powers enumerated in18
	251	+	section 7-103-102, C.R.S., except as otherwise provided or limited in this19
	252	+	article ARTICLE 30.20
	253	+	SECTION 11. In Colorado Revised Statutes, 11-30-106, amend21
	254	+	(6) as follows:22
	255	+	11-30-106. Examinations - reports - powers of commissioner23
	256	+	- rules - penalty. (6) (a) The commissioner has the power to MAY:24
	257	+	(I) Issue subpoenas and require attendance of any and all officers,25
	258	+	directors, agents, and employees OFFICER, DIRECTOR, AGENT, OR26
	259	+	EMPLOYEE of any credit union and such ANY other witnesses as he THAT27
	260	+	1381
	261	+	-8- THE COMMISSIONER may deem necessary in relation to its THE CREDIT1
	262	+	UNION'S affairs, transactions, and conditions; and may2
	263	+	(II) Require such witnesses to appear and answer such questions3
	264	+	as THAT THE COMMISSIONER may be put to them; by the commissioner,4
	265	+	and may5
	266	+	(III) Require such witnesses to produce such books, papers, or6
	267	+	documents in their possession. as may be required by the commissioner.7
	268	+	(b) Upon application of the commissioner, any person served with8
	269	+	a subpoena issued by him THE COMMISSIONER may be required, by order9
	270	+	of the district court of the county where the credit union has its principal10
	271	+	office, to:11
	272	+	(I) Appear and answer such questions as THAT THE COMMISSIONER12
	273	+	may be put to him by the commissioner THE PERSON; and be required to13
	274	+	(II) Produce such books, papers, or documents in his THE14
	275	+	PERSON'S possession as may be required by THAT the commissioner MAY15
	276	+	REQUIRE.16
	277	+	SECTION 12. In Colorado Revised Statutes, 11-30-109, amend17
	278	+	(3) as follows:18
	279	+	11-30-109. Directors and officers - compensation. (3) A credit19
	280	+	union may reasonably compensate a director for his or her THE20
	281	+	DIRECTOR'S services to the credit union. Providing reasonable life, health,21
	282	+	accident, and similar insurance protection is not considered22
	283	+	compensation. Directors, officers, and committee members may be23
	284	+	reimbursed for necessary expenses incidental to the performance of the24
	285	+	official business of the credit union.25
	286	+	SECTION 13. In Colorado Revised Statutes, amend 11-30-11026
	287	+	as follows:27
	288	+	1381
	289	+	-9- 11-30-110. Credit committee - credit officer. The credit1
	290	+	committee or credit officer shall have the HAS general supervision of all2
	291	+	loans to members. Applications for loans shall MUST be on a form3
	292	+	approved by the credit committee or the credit officer. At least a majority4
	293	+	of the members of the credit committee or the credit officer shall pass and5
	294	+	approve or disapprove all loans; except that the credit committee or the6
	295	+	credit officer may appoint DELEGATE TO one or more loan officers and7
	296	+	delegate to the same the power to approve or disapprove loans which8
	297	+	THAT are within limits prescribed by the credit committee or the credit9
	298	+	officer. Each loan officer shall furnish to the credit committee or the10
	299	+	credit officer a record of each loan application received by him THE LOAN11
	300	+	OFFICER within seven days after the date of filing of the application IS12
	301	+	FILED. All loans not approved by a loan officer may be considered by the13
	302	+	credit committee or the credit officer. No A member of the credit14
	303	+	committee shall
	304	+	NOT receive any compensation as a loan officer or be15
	305	+	employed by the credit union in any other capacity. A credit officer may16
	306	+	receive compensation in connection with the performance of his
	307	+	THE17
	308	+	CREDIT OFFICER'S duties. The credit committee shall meet as often as may18
	309	+	be necessary after due notice to each member. Vacancies in the credit19
	310	+	committee shall be filled pursuant to section 11-30-109 (1)(e).20
	311	+	SECTION 14. In Colorado Revised Statutes, amend 11-30-11221
	312	+	as follows:22
	313	+	11-30-112. Capital. The capital of a credit union shall consist23
	314	+	CONSISTS of the payments that have been made to it in shares by the24
	315	+	several members thereof OF THE CREDIT UNION. The credit union has a25
	316	+	lien on the shares and deposits of a member for any sum due to the credit26
	317	+	union from said THE member or for any loan endorsed by him THE27
	318	+	1381
	319	+	-10- MEMBER. A credit union may charge an entrance fee and an annual1
	320	+	membership fee, but such THE fees shall MUST be uniform to all members.2
	321	+	SECTION 15. In Colorado Revised Statutes, amend 11-30-1133
	322	+	as follows:4
	323	+	11-30-113. Minors. Shares may be issued and deposits received5
	324	+	in the name of a minor. A member who is a minor shall be entitled to6
	325	+	MAY withdraw or pledge any shares owned by him THE MINOR and to7
	326	+	receive from the credit union any and all dividends or other moneys,8
	327	+	MONEY at any time the same become DIVIDENDS OR OTHER MONEY9
	328	+	BECOMES due, in the same manner and subject to the same conditions as10
	329	+	an adult, and any receipt or acquittance signed by such a THE minor shall11
	330	+	constitute CONSTITUTES a valid release and discharge to the credit union12
	331	+	for the payment of such moneys MONEY. The board of directors of the13
	332	+	credit union may provide in the bylaws of the credit union a minimum age14
	333	+	of any minor to be eligible for membership in the credit union and to vote15
	334	+	at any meeting of the members.16
	335	+	SECTION 16. In Colorado Revised Statutes, 11-30-120, amend17
	336	+	(1)(a), (1)(c), and (2) as follows:18
	337	+	11-30-120. Suspension - liquidation - procedures. (1) (a) If it19
	338	+	appears that any credit union is insolvent, or that it has willfully violated20
	339	+	any provision of this article ARTICLE 30, or that it is operating in an unsafe21
	340	+	or unsound manner, the commissioner may issue his order for such THE22
	341	+	credit union to show cause why its operations should not be suspended23
	342	+	until such THE insolvency, violation, or manner of operation is rectified24
	343	+	and afford the credit union an opportunity for a hearing not less than ten25
	344	+	days nor more than twenty days after such THE DATE THE order Such IS26
	345	+	ISSUED. THE order shall MUST be in writing and delivered by registered or27
	346	+	1381
	347	+	-11- certified mail. If the credit union fails to answer such THE order, or if any1
	348	+	officer or director of or attorney for the credit union fails to appear at the2
	349	+	time set for the hearing, the commissioner
	350	+	MAY either may
	351	+	revoke the3
	352	+	certificate of incorporation of the credit union or may order the immediate4
	353	+	suspension of operations of the credit union, except
	354	+	FOR the collection of5
344	355		payments on outstanding loans or other obligations due
345		-	TO the credit union.
346		-	PAGE 9-HOUSE BILL 24-1381 SECTION 17. In Colorado Revised Statutes, 11-40-105, amend (2)
347		-	as follows:
348		-	11-40-105. File annual reports. (2) If any AN association fails to
349		-	file such A report AS DESCRIBED IN SUBSECTION (1) OF THIS SECTION, or if
350		-	any such THE report is delayed or withheld beyond the day when the report
351		-	should be so filed, such THE association shall forfeit and pay the sum of ten
352		-	dollars for every day such THE report is withheld or delayed or not
353		-	completed, and any member of any association or any party in interest may
354		-	maintain an action in his or her
355		-	THE MEMBER'S OR OTHER PARTY'S own name
356		-	to receive such THE penalty, and the penalty shall be paid to the state
357		-	treasurer.
358		-	SECTION 18. In Colorado Revised Statutes, amend 11-40-109 as
359		-	follows:
360		-	11-40-109. Suits interfering with business of association. No AN
361		-	order, A judgment, or A decree providing for an accounting of, or enjoining,
362		-	restraining, or interfering with the transaction of, the business of any
363		-	savings and loan association organized or doing business under the
364		-	provisions of articles 40 to 46 of this title TITLE 11 shall NOT be made or
365		-	granted otherwise than upon the application of the attorney general, after his
366		-	or her THE ATTORNEY GENERAL'S approval of a written request therefor by
367		-	the commissioner
368		-	FOR THE ORDER, JUDGMENT, OR DECREE, except in an
369		-	action by a judgment creditor or in proceedings supplementary to execution.
370		-	SECTION 19. In Colorado Revised Statutes, 11-41-107, amend (2)
371		-	introductory portion and (3) as follows:
372		-	11-41-107. Documents deposited with commissioner. (2) Upon
373		-	receipt of such
374		-	THE documents DESCRIBED IN SUBSECTION (1) OF THIS
375		-	SECTION
376		-	, the commissioner shall immediately examine and investigate intothe advisability of issuing a certificate of approval for such THE association,
377		-	and he THE COMMISSIONER shall issue such A certificate of approval if, upon
378		-	examination, the commissioner finds:
379		-	(3) If the commissioner's finding is adverse to the association in any
380		-	of the particulars recited in COMMISSIONER FINDS THAT THE ASSOCIATION
381		-	DOES NOT MEET ANY OF THE REQUIREMENTS OF
382		-	subsection (2) of this
383		-	section, he
384		-	THE COMMISSIONER shall not issue a certificate of approval.
385		-	PAGE 10-HOUSE BILL 24-1381 SECTION 20. In Colorado Revised Statutes, amend 11-41-108 as
386		-	follows:
387		-	11-41-108. Refusal of certificate - appeal. If the commissioner,
388		-	after an examination, believes for any reason that a certificate of approval
389		-	should not be issued and refuses to issue the same, he
390		-	A CERTIFICATE OF
391		-	APPROVAL
392		-	, THE COMMISSIONER shall file a written statement with a boardconsisting of the governor, the attorney general, and the state treasurer, of
393		-	the state of Colorado giving in detail his THE COMMISSIONER'S reasons for
394		-	such THE refusal. After notice to all concerned and after a hearing, said
395		-	board THE GOVERNOR, ATTORNEY GENERAL, AND STATE TREASURER may
396		-	order the commissioner to issue the certificate of approval or may approve
397		-	his
398		-	THE COMMISSIONER'S action in refusing a certificate of approval.
399		-	SECTION 21. In Colorado Revised Statutes, 11-41-109, amend (1)
400		-	introductory portion, (1)(a), (1)(c), and (2) as follows:
401		-	11-41-109. Certificate of approval - where articles filed. (1) If
402		-	the commissioner finds affirmatively for the association upon all the matters
403		-	set forth in section 11-41-107, he
404		-	THE COMMISSIONER shall issue a
405		-	certificate of approval under his hand and seal, executed in duplicate within
406		-	sixty days thereafter, in AFTER THE FINDING, which shall be recited
407		-	CERTIFICATE RECITES in substance the following:
408		-	(a) That the articles of incorporation and bylaws have been filed in
409		-	his THE COMMISSIONER'S office;
410		-	(c) That he THE COMMISSIONER has approved the same ARTICLES OF
411		-	INCORPORATION AND BYLAWS
412		-	.
413		-	(2) The commissioner shall attach one of said
414		-	THE certificates to
415		-	each copy of the articles of incorporation, and shall retain one copy of the
416		-	articles of incorporation and bylaws in his THE COMMISSIONER'S office, and
417		-	return the other copy of the articles and bylaws, with the certificate of
418		-	approval attached, thereto,
419		-	to the association. Upon receipt from the
420		-	commissioner of the articles of incorporation, the association shall file the
421		-	same ARTICLES OF INCORPORATION with the secretary of state, and certified
422		-	copies of the articles of incorporation shall be filed by the association in the
423		-	office of the county clerk and recorder of each county in this state in which
424		-	said
425		-	THE association may own real estate. The failure to file a certified copy
426		-	PAGE 11-HOUSE BILL 24-1381 in the office of the clerk and recorder of any county in this state shall DOES
427		-	not affect the validity of the incorporation of any association which THAT
428		-	has made its filing with the secretary of state and has obtained a certificate
429		-	of approval. In the event a true copy of such THE articles of incorporation
430		-	is presented to the secretary of state with the request that the same ARTICLES
431		-	OF INCORPORATION
432		-	be certified, he
433		-	THE SECRETARY OF STATE shall certify
434		-	the same ARTICLES OF INCORPORATION for a fee which shall be IN AN
435		-	AMOUNT THAT IS
436		-	determined and collected pursuant to section 24-21-104
437		-	(3). C.R.S., which
438		-	THE certificate shall MUST contain, in addition to the
439		-	usual statement, a statement that the same ATTACHED COPY is a true copy of
440		-	the original articles of incorporation on file in his THE SECRETARY OF
441		-	STATE
442		-	'S office and a statement as to the date of the filing of such
443		-	THE
444		-	articles of incorporation. When articles of incorporation or amendments
445		-	thereto TO ARTICLES OF INCORPORATION have been filed in the office of the
446		-	secretary of state, he THE SECRETARY OF STATE shall record and carefully
447		-	preserve the same THEM in his THE SECRETARY OF STATE'S office, and a
448		-	copy thereof OF THE ARTICLES OF INCORPORATION OR AMENDMENTS , duly
449		-	certified by the secretary of state under the great seal of the state of
450		-	Colorado, shall be
451		-	IS evidence of the existence of such THE association and
452		-	prima facie evidence of the contents of said THE articles of incorporation or
453		-	such amendments. thereto.
454		-	SECTION 22. In Colorado Revised Statutes, 11-41-114, amend (1)
455		-	introductory portion and (1)(i)(III) as follows:
456		-	11-41-114. How funds invested. (1) Any A savings and loan
457		-	association may invest any portion of its funds in any of the following:
458		-	(i) (III) No AN association organized under the laws of this state
	356	+	TO the credit6
	357	+	union, or both, and may enforce any such
	358	+	THE order by an action filed in7
	359	+	the district court of the judicial district wherein WHERE the principal8
	360	+	office of the credit union is located, seeking to enjoin further operations9
	361	+	or to appoint a receiver for such THE credit union.10
	362	+	(c) If the commissioner revokes the charter of the credit union, he11
	363	+	THE COMMISSIONER shall appoint a liquidating agent to liquidate the12
	364	+	assets of the credit union pursuant to subsection (3) of this section.13
	365	+	(2) Any credit union may be voluntarily dissolved and liquidated14
	366	+	upon majority vote of the entire membership thereof OF THE CREDIT15
	367	+	UNION at a meeting especially called for the THAT purpose or at the annual16
	368	+	meeting where notice of such THE proposed action is mailed to the17
	369	+	members at least thirty days prior to such BEFORE THE meeting. In either18
	370	+	event, a copy of the notice shall be delivered to the commissioner not less19
	371	+	than ten days prior to such BEFORE THE meeting. Any member of a credit20
	372	+	union may cast his THE MEMBER'S ballot for or against such THE21
	373	+	dissolution and liquidation by mail within twenty days after such THE22
	374	+	meeting. If a majority of the members of the credit union vote in favor of23
	375	+	dissolution and liquidation, the board of directors, within five days after24
	376	+	the close of voting, shall notify the commissioner of such THE action and25
	377	+	specify the names and addresses of the directors and officers of the credit26
	378	+	union who will conduct the dissolution and liquidation of the credit27
	379	+	1381
	380	+	-12- union. Upon such THE favorable vote, the credit union shall cease to do1
	381	+	business except for the collection of payments on outstanding loans or2
	382	+	other obligations due
	383	+	TO the credit union.3
	384	+	SECTION 17. In Colorado Revised Statutes, 11-40-105, amend4
	385	+	(2) as follows:5
	386	+	11-40-105. File annual reports. (2) If any
	387	+	AN association fails6
	388	+	to file such A report AS DESCRIBED IN SUBSECTION (1) OF THIS SECTION, or7
	389	+	if any such THE report is delayed or withheld beyond the day when the8
	390	+	report should be so filed, such THE association shall forfeit and pay the9
	391	+	sum of ten dollars for every day such THE report is withheld or delayed or10
	392	+	not completed, and any member of any association or any party in interest11
	393	+	may maintain an action in his or her THE MEMBER'S OR OTHER PARTY'S12
	394	+	own name to receive such THE penalty, and the penalty shall be paid to13
	395	+	the state treasurer.14
	396	+	SECTION 18. In Colorado Revised Statutes, amend 11-40-10915
	397	+	as follows:16
	398	+	11-40-109. Suits interfering with business of association. No17
	399	+	A
	400	+	N order, A judgment, or A decree providing for an accounting of, or18
	401	+	enjoining, restraining, or interfering with the transaction of, the business19
	402	+	of any savings and loan association organized or doing business under the
	403	+	20
	404	+	provisions of articles 40 to 46 of this title TITLE 11 shall NOT be made or21
	405	+	granted otherwise than upon the application of the attorney general, after22
	406	+	his or her THE ATTORNEY GENERAL 'S approval of a written request23
	407	+	therefor by the commissioner FOR THE ORDER, JUDGMENT, OR DECREE,24
	408	+	except in an action by a judgment creditor or in proceedings25
	409	+	supplementary to execution.26
	410	+	SECTION 19. In Colorado Revised Statutes, 11-41-107, amend27
	411	+	1381
	412	+	-13- (2) introductory portion and (3) as follows:1
	413	+	11-41-107. Documents deposited with commissioner. (2) Upon2
	414	+	receipt of such THE documents DESCRIBED IN SUBSECTION (1) OF THIS3
	415	+	SECTION, the commissioner shall immediately examine and investigate4
	416	+	into the advisability of issuing a certificate of approval for such THE5
	417	+	association, and he THE COMMISSIONER shall issue such A certificate of6
	418	+	approval if, upon examination, the commissioner finds:7
	419	+	(3) If the commissioner's finding is adverse to the association in8
	420	+	any of the particulars recited in COMMISSIONER FINDS THAT THE9
	421	+	ASSOCIATION DOES NOT MEET ANY OF THE REQUIREMENTS OF subsection10
	422	+	(2) of this section, he THE COMMISSIONER shall not issue a certificate of11
	423	+	approval.12
	424	+	SECTION 20. In Colorado Revised Statutes, amend 11-41-10813
	425	+	as follows:14
	426	+	11-41-108. Refusal of certificate - appeal. If the commissioner,15
	427	+	after an examination, believes for any reason that a certificate of approval16
	428	+	should not be issued and refuses to issue the same, he A CERTIFICATE OF17
	429	+	APPROVAL, THE COMMISSIONER shall file a written statement with a board18
	430	+	consisting of the governor, the attorney general, and the state treasurer,19
	431	+	of the state of Colorado giving in detail his THE COMMISSIONER'S reasons20
	432	+	for such THE refusal. After notice to all concerned and after a hearing,21
	433	+	said board THE GOVERNOR, ATTORNEY GENERAL, AND STATE TREASURER22
	434	+	may order the commissioner to issue the certificate of approval or may23
	435	+	approve his THE COMMISSIONER'S action in refusing a certificate of24
	436	+	approval.25
	437	+	SECTION 21. In Colorado Revised Statutes, 11-41-109, amend26
	438	+	(1) introductory portion, (1)(a), (1)(c), and (2) as follows:27
	439	+	1381
	440	+	-14- 11-41-109. Certificate of approval - where articles filed. (1) If1
	441	+	the commissioner finds affirmatively for the association upon all the2
	442	+	matters set forth in section 11-41-107, he THE COMMISSIONER shall issue3
	443	+	a certificate of approval under his hand and seal, executed in duplicate4
	444	+	within sixty days thereafter, in AFTER THE FINDING, which shall be recited5
	445	+	CERTIFICATE RECITES in substance the following:6
	446	+	(a) That the articles of incorporation and bylaws have been filed7
	447	+	in his THE COMMISSIONER'S office;8
	448	+	(c) That he THE COMMISSIONER has approved the same ARTICLES9
	449	+	OF INCORPORATION AND BYLAWS .10
	450	+	(2) The commissioner shall attach one of said THE certificates to11
	451	+	each copy of the articles of incorporation, and shall retain one copy of the12
	452	+	articles of incorporation and bylaws in his THE COMMISSIONER'S office,13
	453	+	and return the other copy of the articles and bylaws, with the certificate14
	454	+	of approval attached, thereto, to the association. Upon receipt from the15
	455	+	commissioner of the articles of incorporation, the association shall file the16
	456	+	same ARTICLES OF INCORPORATION with the secretary of state, and17
	457	+	certified copies of the articles of incorporation shall be filed by the18
	458	+	association in the office of the county clerk and recorder of each county19
	459	+	in this state in which said THE association may own real estate. The20
	460	+	failure to file a certified copy in the office of the clerk and recorder of any21
	461	+	county in this state shall DOES not affect the validity of the incorporation22
	462	+	of any association which THAT has made its filing with the secretary of23
	463	+	state and has obtained a certificate of approval. In the event a true copy24
	464	+	of such THE articles of incorporation is presented to the secretary of state25
	465	+	with the request that the same ARTICLES OF INCORPORATION be certified,26
	466	+	he THE SECRETARY OF STATE shall certify the same ARTICLES OF27
	467	+	1381
	468	+	-15- INCORPORATION for a fee which shall be IN AN AMOUNT THAT IS1
	469	+	determined and collected pursuant to section 24-21-104 (3). C.R.S.,2
	470	+	which THE certificate shall MUST contain, in addition to the usual3
	471	+	statement, a statement that the same ATTACHED COPY is a true copy of the4
	472	+	original articles of incorporation on file in his THE SECRETARY OF STATE'S5
	473	+	office and a statement as to the date of the filing of such THE articles of6
	474	+	incorporation. When articles of incorporation or amendments thereto TO7
	475	+	ARTICLES OF INCORPORATION have been filed in the office of the secretary8
	476	+	of state, he THE SECRETARY OF STATE shall record and carefully preserve9
	477	+	the same THEM in his THE SECRETARY OF STATE'S office, and a copy10
	478	+	thereof OF THE ARTICLES OF INCORPORATION OR AMENDMENTS , duly11
	479	+	certified by the secretary of state under the great seal of the state of12
	480	+	Colorado, shall be IS evidence of the existence of such THE association13
	481	+	and prima facie evidence of the contents of said THE articles of14
	482	+	incorporation or such amendments. thereto.15
	483	+	SECTION 22. In Colorado Revised Statutes, 11-41-114, amend16
	484	+	(1) introductory portion and (1)(i)(III) as follows:17
	485	+	11-41-114. How funds invested. (1) Any A savings and loan18
	486	+	association may invest any portion of its funds in any of the following:19
	487	+	(i) (III) No AN association organized under the laws of this state20
459	488		shall
460		-	NOT acquire the capital stock, obligations, or other securities of ~~any~~
	489	+	NOT acquire the capital stock, obligations, or other securities of any21
461	490		such
462		-	corporation DESCRIBED IN SUBSECTION (1)(i)(I) OF THIS SECTION until
463		-	there THE CORPORATION has been filed in the office of the commissioner a
464		-	statement by such corporation agreeing to permit and pay all costs of such
465		-	ANY examinations or audits of the corporation by the commissioner as he
466		-	THAT THE COMMISSIONER deems necessary in order to confirm compliance
467		-	with the provisions of this paragraph (i) SUBSECTION (1)(i).
468		-	SECTION 23. In Colorado Revised Statutes, 11-41-117, amend (2)
469		-	as follows:
470		-	PAGE 12-HOUSE BILL 24-1381 11-41-117. Insurance of shares. (2) The commissioner, in
471		-	connection with all such insured associations, shall furnish said THE
472		-	FEDERAL DEPOSIT
473		-	insurance corporation with reports of THE ISSUANCE OF
474		-	examination, orders, and requirements issued in connection therewithRELATING TO INSURED ASSOCIATIONS and other information coming to his
475		-	THAT COMES TO THE COMMISSIONER 'S attention bearing on AND CONCERNS
476		-	the financial condition and administration and OF INSURED ASSOCIATIONS.
	491	+	corporation DESCRIBED IN SUBSECTION (1)(i)(I) OF THIS SECTION22
	492	+	until there THE CORPORATION has been filed in the office of the23
	493	+	commissioner a statement by such corporation agreeing to permit and pay24
	494	+	all costs of such ANY examinations or audits of the corporation by the25
	495	+	commissioner as he THAT THE COMMISSIONER deems necessary in order26
	496	+	to confirm compliance with the provisions of this paragraph (i)27
	497	+	1381
	498	+	-16- SUBSECTION (1)(i).1
	499	+	SECTION 23. In Colorado Revised Statutes, 11-41-117, amend2
	500	+	(2) as follows:3
	501	+	11-41-117. Insurance of shares. (2) The commissioner, in4
	502	+	connection with all such insured associations, shall furnish said THE5
	503	+	FEDERAL DEPOSIT insurance corporation with reports of THE ISSUANCE OF6
	504	+	examination, orders, and requirements issued in connection therewith7
	505	+	RELATING TO INSURED ASSOCIATIONS and other information coming to his8
	506	+	THAT COMES TO THE COMMISSIONER 'S attention bearing on AND CONCERNS9
	507	+	the financial condition and administration and OF INSURED ASSOCIATIONS.10
477	508		T
478	509		HE COMMISSIONER may collaborate with said
479		-	THE FEDERAL DEPOSIT
480		-	INSURANCE
481		-	corporation in any merger, reorganization, dissolution,
482		-	liquidation, or examination and audit of any such
483		-	insured association.
484		-	SECTION 24. In Colorado Revised Statutes, 11-41-117.5, amend
485		-	(4) as follows:
486		-	11-41-117.5. Insurance of obligations. (4) The commissioner or
487		-	his duly designated representative THE COMMISSIONER'S DESIGNEE may
488		-	investigate the affairs and examine the books, accounts, records, and files
489		-	of the insurer at such
490		-	intervals as THAT the commissioner deems prudent,
491		-	but not less than once a year, and shall have free access for such purposes.
492		-	Costs of such investigations and examinations shall be paid by the insurer.
493		-	If any such investigation or examination reveals that the insurer is not
494		-	conducting its affairs in accordance with this section or that the insurer is
495		-	not actuarially sound or is impaired and may be unable to fulfill its
496		-	obligations, the commissioner may exercise any powers available under
497		-	article 44 of this title
498		-	TITLE 11 until such time as compliance is restored or
499		-	the impairment is terminated.
500		-	SECTION 25. In Colorado Revised Statutes, 11-41-119, amend (5)
501		-	as follows:
502		-	11-41-119. Loans to members and other loans. (5) (a) Loans A
503		-	LOAN secured by first lien trust deeds or mortgages A FIRST-LIEN TRUST
504		-	DEED OR MORTGAGE
505		-	upon improved real estate shall not be made until:
506		-	(I) A signed application for such
507		-	THE loan has been submitted; nor
508		-	until
509		-	(II) A signed appraisal has been submitted; nor until AND
510		-	(III) The loan has been approved by the board of directors or by a
511		-	PAGE 13-HOUSE BILL 24-1381 committee authorized by the board of directors.
512		-	(b) Appraisals may be made by any two of the association's
513		-	directors, officers, employees, or attorneys or by an independent appraiser
514		-	who is not a director, officer, employee, or attorney of the association; but
515		-	no such EXCEPT THAT AN officer, A director, AN employee, or AN attorney
	510	+	THE FEDERAL DEPOSIT11
	511	+	INSURANCE corporation in any merger, reorganization, dissolution,12
	512	+	liquidation, or examination and audit of any such insured association.13
	513	+	SECTION 24. In Colorado Revised Statutes, 11-41-117.5,14
	514	+	amend (4) as follows:15
	515	+	11-41-117.5. Insurance of obligations. (4) The commissioner or16
	516	+	his duly designated representative THE COMMISSIONER'S DESIGNEE may17
	517	+	investigate the affairs and examine the books, accounts, records, and files18
	518	+	of the insurer at such intervals as THAT the commissioner deems prudent,19
	519	+	but not less than once a year, and shall have free access for such purposes.20
	520	+	Costs of such investigations and examinations shall be paid by the21
	521	+	insurer. If any such investigation or examination reveals that the insurer22
	522	+	is not conducting its affairs in accordance with this section or that the23
	523	+	insurer is not actuarially sound or is impaired and may be unable to fulfill24
	524	+	its obligations, the commissioner may exercise any powers available25
	525	+	under article 44 of this title TITLE 11 until such time as compliance is26
	526	+	restored or the impairment is terminated.27
	527	+	1381
	528	+	-17- SECTION 25. In Colorado Revised Statutes, 11-41-119, amend1
	529	+	(5) as follows:2
	530	+	11-41-119. Loans to members and other loans. (5) (a) Loans3
	531	+	A
	532	+	LOAN secured by first lien trust deeds or mortgages
	533	+	A FIRST-LIEN TRUST4
	534	+	DEED OR MORTGAGE upon improved real estate shall not be made until:5
	535	+	(I) A signed application for such THE loan has been submitted; nor6
	536	+	until7
	537	+	(II) A signed appraisal has been submitted; nor until AND8
	538	+	(III) The loan has been approved by the board of directors or by9
	539	+	a committee authorized by the board of directors.10
	540	+	(b) Appraisals may be made by any two of the association's11
	541	+	directors, officers, employees, or attorneys or by an independent appraiser12
	542	+	who is not a director, officer, employee, or attorney of the association; but13
	543	+	no such EXCEPT THAT AN officer, A director, AN employee, or AN attorney14
516	544		shall
517	545		NOT act as an appraiser nor
518		-	OR act on any committee approving a loan
519		-	in which he IF THE OFFICER, DIRECTOR, EMPLOYEE, OR ATTORNEY has an
520		-	interest either in EITHER the property tendered as security or in the sale of
521		-	the property.
522		-	(c) The association shall furnish to each borrower, Upon the closing
523		-	of the loan,
524		-	THE ASSOCIATION SHALL FURNISH TO EACH BORROWER a loan
525		-	settlement statement indicating
526		-	THAT INDICATES in detail the charges or fees
527		-	such THE borrower has paid or obligated himself THE BORROWER to pay to
528		-	the association or to any other person in connection with such THE loan, and
529		-	THE ASSOCIATION SHALL RETAIN a copy of such THE statement. shall be
530		-	retained in the records of the association.
531		-	SECTION 26. In Colorado Revised Statutes, 11-41-121, amend
532		-	(1.5)(c), (3), (4), and (6); and repeal (5) as follows:
533		-	11-41-121. Merger, consolidation, and transfer.
534		-	(1.5) (c) Whenever a foreign association which THAT meets the criteria
535		-	established by this subsection (1.5) proposes to merge with a domestic
536		-	association, the foreign association shall make an application for prior
537		-	approval to the commissioner in such
538		-	THE form and with such THE
539		-	information that the commissioner may require, and such THE application
540		-	shall MUST be accompanied by a nonrefundable filing fee in such AN
541		-	amount as determined by the commissioner. Upon receipt of a properly
542		-	submitted application for merger, the commissioner shall proceed to
543		-	investigate the application in accordance with the provisions of
544		-	this section.
545		-	The commissioner shall not grant approval of the merger until he THE
546		-	COMMISSIONER
547		-	is satisfied that the criteria imposed by this section have
548		-	been met and that the merger is not contrary to the public interest.
549		-	(3) Copies of the proposed agreement of merger, signed by the
550		-	president or vice president of such
551		-	THE association and verified by his THE
552		-	PRESIDENT
553		-	'S OR VICE PRESIDENT'S affidavit and attested by the secretary or
554		-	assistant secretary thereof
555		-	OF THE ASSOCIATION, with the seal of the
556		-	PAGE 14-HOUSE BILL 24-1381 association thereunto affixed, shall be submitted together with a fee in the
557		-	amount established by the commissioner to the commissioner for his THE
558		-	COMMISSIONER
559		-	'S approval or disapproval, and he
560		-	THE COMMISSIONER shall
561		-	cause a certificate of approval or disapproval to be attached to said THE
562		-	copies of the proposed agreement, one copy to be filed in the division and one returned to each of the associations.
563		-	(4) If approved by
564		-	the commissioner such approved APPROVES AN
565		-	AGREEMENT OF MERGER
566		-	, THE agreement shall be presented to the members
567		-	of each of the merging associations at special meetings called for the
568		-	purpose of considering and voting upon such approved
569		-	THE agreement; but,
570		-	in the case of associations having permanent stock, only the holders of the
571		-	permanent stock shall be
572		-	ARE entitled to any notice other than the published
573		-	notice of such THE special meeting or to vote upon the agreement of merger.
574		-	The complete agreement of merger, as adopted by the boards of directors
575		-	and approved by the commissioner, shall be furnished
576		-	TO each member
577		-	entitled to vote on such THE merger at the time THAT notice of such THE
578		-	meetings, as required by section 11-41-123, is given. If at such meetings A
579		-	MEETING
580		-	two-thirds of all votes of the members present in person or by
581		-	proxy and entitled to vote on such
582		-	THE merger are in favor of such THE
583		-	approved agreement, the associations may proceed to merge. in accordance
584		-	therewith. The proceedings of such THE meetings shall be submitted to the
585		-	commissioner for his THE COMMISSIONER'S approval in the same manner as
586		-	required for the submission of the agreement by the boards of directors.
587		-	Unless the agreement of merger fixes a later effective date, thereof,
588		-	the
589		-	effective date of
	546	+	OR act on any committee approving a15
	547	+	loan in which he IF THE OFFICER, DIRECTOR, EMPLOYEE, OR ATTORNEY has16
	548	+	an interest either in EITHER the property tendered as security or in the sale17
	549	+	of the property.18
	550	+	(c) The association shall furnish to each borrower, Upon the19
	551	+	closing of the loan,
	552	+	THE ASSOCIATION SHALL FURNISH TO EACH BORROWER20
	553	+	a loan settlement statement indicating
	554	+	THAT INDICATES in detail the21
	555	+	charges or fees such THE borrower has paid or obligated himself THE22
	556	+	BORROWER to pay to the association or to any other person in connection23
	557	+	with such THE loan, and THE ASSOCIATION SHALL RETAIN a copy of such24
	558	+	THE statement. shall be retained in the records of the association.25
	559	+	SECTION 26. In Colorado Revised Statutes, 11-41-121, amend26
	560	+	(1.5)(c), (3), (4), and (6); and repeal (5) as follows:27
	561	+	1381
	562	+	-18- 11-41-121. Merger, consolidation, and transfer.1
	563	+	(1.5) (c) Whenever a foreign association which THAT meets the criteria2
	564	+	established by this subsection (1.5) proposes to merge with a domestic3
	565	+	association, the foreign association shall make an application for prior4
	566	+	approval to the commissioner in such THE form and with such THE5
	567	+	information that the commissioner may require, and such THE application6
	568	+	shall MUST be accompanied by a nonrefundable filing fee in such AN7
	569	+	amount as determined by the commissioner. Upon receipt of a properly8
	570	+	submitted application for merger, the commissioner shall proceed to9
	571	+	investigate the application in accordance with the provisions of this10
	572	+	section. The commissioner shall not grant approval of the merger until he11
	573	+	THE COMMISSIONER is satisfied that the criteria imposed by this section12
	574	+	have been met and that the merger is not contrary to the public interest.13
	575	+	(3) Copies of the proposed agreement of merger, signed by the14
	576	+	president or vice president of such THE association and verified by his15
	577	+	THE PRESIDENT'S OR VICE PRESIDENT'S affidavit and attested by the16
	578	+	secretary or assistant secretary thereof OF THE ASSOCIATION, with the seal17
	579	+	of the association thereunto affixed, shall be submitted together with a fee18
	580	+	in the amount established by the commissioner to the commissioner for19
	581	+	his THE COMMISSIONER 'S approval or disapproval, and he THE20
	582	+	COMMISSIONER shall cause a certificate of approval or disapproval to be21
	583	+	attached to said THE copies of the proposed agreement, one copy to be22
	584	+	filed in the division and one returned to each of the associations.23
	585	+	(4) If approved by the commissioner such approved APPROVES AN24
	586	+	AGREEMENT OF MERGER , THE agreement shall be presented to the25
	587	+	members of each of the merging associations at special meetings called26
	588	+	for the purpose of considering and voting upon such approved THE27
	589	+	1381
	590	+	-19- agreement; but, in the case of associations having permanent stock, only1
	591	+	the holders of the permanent stock shall be ARE entitled to any notice2
	592	+	other than the published notice of such THE special meeting or to vote3
	593	+	upon the agreement of merger. The complete agreement of merger, as4
	594	+	adopted by the boards of directors and approved by the commissioner,5
	595	+	shall be furnished
	596	+	TO each member entitled to vote on such
	597	+	THE merger6
	598	+	at the time
	599	+	THAT notice of such
	600	+	THE meetings, as required by section7
	601	+	11-41-123, is given. If at such meetings A MEETING two-thirds of all votes8
	602	+	of the members present in person or by proxy and entitled to vote on such9
	603	+	THE merger are in favor of such THE approved agreement, the associations10
	604	+	may proceed to merge. in accordance therewith. The proceedings of such11
	605	+	THE meetings shall be submitted to the commissioner for his THE12
	606	+	COMMISSIONER'S approval in the same manner as required for the13
	607	+	submission of the agreement by the boards of directors. Unless the14
	608	+	agreement of merger fixes a later effective date, thereof, the effective date15
	609	+	of
590	610		THE merger shall be
591		-	IS the date upon which the
592		-	commissioner accepts for filing the certified copies of the proceedings of
593		-	the meetings of members adopting the approved agreement of merger.
594		-	(5) In the event any association involved in a proposed merger is a
595		-	federal savings and loan association, the commissioner shall transmit to the
596		-	federal office of thrift supervision or its successor, a copy of the proposed
597		-	agreement of merger and shall not approve the agreement of merger unless
598		-	and until he or she has been advised in writing by the federal office of thrift
599		-	supervision or its successor that said office has no objection to the
600		-	agreement.
601		-	(6) (a) No such A transfer shall DOES NOT:
602		-	(I) Prejudice the right of any creditor of any such association to have
603		-	PAGE 15-HOUSE BILL 24-1381 payment of his THE CREDITOR'S debt out of the assets and property thereof,
604		-	nor shall any creditor be thereby deprived of or prejudiced OF THE
605		-	ASSOCIATION
606		-	; OR
607		-	(II) DEPRIVE ANY CREDITOR OF, OR CREATE ANY PREJUDICE AGAINST
608		-	ANY CREDITOR
609		-	in, any right of action then existing against the officers or
610		-	directors of said
611		-	AN association for any neglect or misconduct. and the
612		-	(b) A reorganized association shall be IS liable for all obligations to
613		-	members of the associations existing prior to such A consolidation.
614		-	SECTION 27. In Colorado Revised Statutes, 11-41-123, amend
615		-	(2), (4), and (5) as follows:
616		-	11-41-123. Directors and meetings. (2) Public notice of the time
617		-	and place of holding such elections DESCRIBED IN SUBSECTION (1) OF THIS
618		-	SECTION
619		-	and also of all special meetings of the members shall be published
620		-	at least once, not more than thirty days nor less than ten days prior toBEFORE the date fixed for said OF EACH meeting, in a newspaper of general
621		-	circulation printed in the county where the principal office of said THE
622		-	corporation is located, and, if there is no such newspaper, then in a newspaper printed in an adjoining county, and, with respect to any special meeting or any annual meeting to be held at a time or place other than as specified in the articles of incorporation or bylaws of the association, by delivering personally to each member or depositing in the post office at least thirty days before such
623		-	THE meeting a copy of said THE notice,
624		-	addressed to each member entitled to vote, thereat, with INCLUDING the
625		-	signature of the president or secretary, printed thereon, stating the time and,
626		-	in case of special meetings, the objects of said THE meeting. and no
627		-	Business shall NOT be transacted at any special meeting except such as shall
628		-	be BUSINESS THAT IS mentioned in said THE notice. If any member fails to
629		-	furnish the secretary with his THE MEMBER'S correct post-office address, he
630		-	shall THE MEMBER IS not be entitled to separate notice.
631		-	(4) Members who are entitled to vote may vote either in person or
632		-	by proxy at such meetings. Any number of members present in person or by
633		-	proxy at a regular or special meeting of the members shall constitute
634		-	CONSTITUTES a quorum unless otherwise specifically provided in articles 40
635		-	to 46 of this title TITLE 11. If a majority of the votes represented at any
636		-	annual or special meeting are in favor of adjournment, such THE meeting
637		-	PAGE 16-HOUSE BILL 24-1381 may be adjourned for a period not to exceed sixty days at one adjournment.
638		-	Each member entitled to vote shall be permitted to MAY cast, in person or
639		-	by proxy, one vote for each one hundred dollars, or fraction thereof, of the
640		-	total certificate value of all his
641		-	THE MEMBER'S shares and stock. A
642		-	borrowing member holding a membership certificate shall be permitted
643		-	MAY, as a borrower, to cast one vote and has such voting right in all cases
644		-	where articles 40 to 46 of this title TITLE 11 give such right to shareholders.
645		-	(5) A majority of all votes cast at any meeting of members shall
646		-	determine DETERMINES any question unless otherwise specifically provided.
647		-	The members who are entitled to vote at any meeting of the members shall
648		-	be those of record on the books of the association at the end of the calendar
649		-	month next preceding the date of the meeting of members, except those who
650		-	have ceased to be members. In balloting for directors, members may vote
651		-	for as many directors as are to be elected, or, in case the certificate of
652		-	incorporation of the association permits cumulative voting, each member
653		-	may cumulate his
654		-	THE MEMBER'S votes and give one candidate as many
655		-	votes as the number of directors multiplied by the number of his THE
656		-	MEMBER
657		-	'S votes or distribute them on the same principle among as many
658		-	candidates as he
659		-	THE MEMBER may desire, and the person having the highest
660		-	number of votes in consecutive order shall be declared IS elected. By the
661		-	unanimous vote of all the members represented at such THE meeting, the
662		-	secretary of the meeting may be authorized and instructed to cast one ballot
663		-	for one or more of all the directors to be elected.
664		-	SECTION 28. In Colorado Revised Statutes, amend 11-41-126 as
665		-	follows:
666		-	11-41-126. Bonds of officers. Every officer, employee, and agent
667		-	handling or having custody or charge of funds or securities belonging to a
668		-	savings and loan association, before entering upon the discharge of his
669		-	THE
670		-	OFFICER
671		-	'S, EMPLOYEE'S, OR AGENT'S duties, shall give a good and sufficient
672		-	bond in such
673		-	THE sum as may be fixed by the board of directors of any such
674		-	association. Such THE bond shall MUST be in such THE form and provide
675		-	such coverage as the commissioner may direct and shall MUST be made by
676		-	a surety corporation authorized to do business in this state. The amount of
	611	+	IS the date upon which the commissioner accepts16
	612	+	for filing the certified copies of the proceedings of the meetings of17
	613	+	members adopting the approved agreement of merger.18
	614	+	(5) In the event any association involved in a proposed merger is19
	615	+	a federal savings and loan association, the commissioner shall transmit to20
	616	+	the federal office of thrift supervision or its successor, a copy of the21
	617	+	proposed agreement of merger and shall not approve the agreement of22
	618	+	merger unless and until he or she has been advised in writing by the23
	619	+	federal office of thrift supervision or its successor that said office has no24
	620	+	objection to the agreement.25
	621	+	(6) (a) No such A transfer shall DOES NOT:26
	622	+	(I) Prejudice the right of any creditor of any such association to27
	623	+	1381
	624	+	-20- have payment of his THE CREDITOR'S debt out of the assets and property1
	625	+	thereof, nor shall any creditor be thereby deprived of or prejudiced OF THE2
	626	+	ASSOCIATION; OR3
	627	+	(II) D
	628	+	EPRIVE ANY CREDITOR OF , OR CREATE ANY PREJUDICE4
	629	+	AGAINST ANY CREDITOR in, any right of action then existing against the5
	630	+	officers or directors of said
	631	+	AN association for any neglect or misconduct.6
	632	+	and the7
	633	+	(b) A reorganized association shall be IS liable for all obligations8
	634	+	to members of the associations existing prior to such A consolidation.9
	635	+	SECTION 27. In Colorado Revised Statutes, 11-41-123, amend10
	636	+	(2), (4), and (5) as follows:11
	637	+	11-41-123. Directors and meetings. (2) Public notice of the time12
	638	+	and place of holding such elections DESCRIBED IN SUBSECTION (1) OF THIS13
	639	+	SECTION and also of all special meetings of the members shall be14
	640	+	published at least once, not more than thirty days nor less than ten days15
	641	+	prior to BEFORE the date fixed for said OF EACH meeting, in a newspaper16
	642	+	of general circulation printed in the county where the principal office of17
	643	+	said THE corporation is located, and, if there is no such newspaper, then18
	644	+	in a newspaper printed in an adjoining county, and, with respect to any19
	645	+	special meeting or any annual meeting to be held at a time or place other20
	646	+	than as specified in the articles of incorporation or bylaws of the21
	647	+	association, by delivering personally to each member or depositing in the22
	648	+	post office at least thirty days before such THE meeting a copy of said THE23
	649	+	notice, addressed to each member entitled to vote, thereat, with24
	650	+	INCLUDING the signature of the president or secretary, printed thereon,25
	651	+	stating the time and, in case of special meetings, the objects of said THE26
	652	+	meeting. and no Business shall NOT be transacted at any special meeting27
	653	+	1381
	654	+	-21- except such as shall be BUSINESS THAT IS mentioned in said THE notice.1
	655	+	If any member fails to furnish the secretary with his THE MEMBER'S2
	656	+	correct post-office address, he shall THE MEMBER IS not be entitled to3
	657	+	separate notice.4
	658	+	(4) Members who are entitled to vote may vote either in person or5
	659	+	by proxy at such meetings. Any number of members present in person or6
	660	+	by proxy at a regular or special meeting of the members shall constitute7
	661	+	CONSTITUTES a quorum unless otherwise specifically provided in articles8
	662	+	40 to 46 of this title TITLE 11. If a majority of the votes represented at any9
	663	+	annual or special meeting are in favor of adjournment, such THE meeting10
	664	+	may be adjourned for a period not to exceed sixty days at one11
	665	+	adjournment. Each member entitled to vote shall be permitted to MAY12
	666	+	cast, in person or by proxy, one vote for each one hundred dollars, or13
	667	+	fraction thereof, of the total certificate value of all his THE MEMBER'S14
	668	+	shares and stock. A borrowing member holding a membership certificate15
	669	+	shall be permitted MAY, as a borrower, to cast one vote and has such16
	670	+	voting right in all cases where articles 40 to 46 of this title TITLE 11 give17
	671	+	such right to shareholders.18
	672	+	(5) A majority of all votes cast at any meeting of members shall19
	673	+	determine DETERMINES any question unless otherwise specifically20
	674	+	provided. The members who are entitled to vote at any meeting of the21
	675	+	members shall be those of record on the books of the association at the22
	676	+	end of the calendar month next preceding the date of the meeting of23
	677	+	members, except those who have ceased to be members. In balloting for24
	678	+	directors, members may vote for as many directors as are to be elected, or,25
	679	+	in case the certificate of incorporation of the association permits26
	680	+	cumulative voting, each member may cumulate his THE MEMBER'S votes27
	681	+	1381
	682	+	-22- and give one candidate as many votes as the number of directors1
	683	+	multiplied by the number of his THE MEMBER'S votes or distribute them2
	684	+	on the same principle among as many candidates as he THE MEMBER may3
	685	+	desire, and the person having the highest number of votes in consecutive4
	686	+	order shall be declared IS elected. By the unanimous vote of all the5
	687	+	members represented at such THE meeting, the secretary of the meeting6
	688	+	may be authorized and instructed to cast one ballot for one or more of all7
	689	+	the directors to be elected.8
	690	+	SECTION 28. In Colorado Revised Statutes, amend 11-41-1269
	691	+	as follows:10
	692	+	11-41-126. Bonds of officers. Every officer, employee, and agent11
	693	+	handling or having custody or charge of funds or securities belonging to12
	694	+	a savings and loan association, before entering upon the discharge of his13
	695	+	THE OFFICER'S, EMPLOYEE'S, OR AGENT'S duties, shall give a good and14
	696	+	sufficient bond in such THE sum as may be fixed by the board of directors15
	697	+	of any such association. Such THE bond shall MUST be in such THE form16
	698	+	and provide such coverage as the commissioner may direct and shall17
	699	+	MUST be made by a surety corporation authorized to do business in this18
	700	+	state. The amount of such THE bond as to each person shall be IS subject19
	701	+	to the approval of the commissioner. In lieu of individual bonds, a blanket20
	702	+	bond covering all active officers, agents, and employees of such AN21
	703	+	association may be executed, subject to approval by the commissioner.22
	704	+	Every such bond shall be IS in force until ten days after notice IS23
	705	+	PROVIDED to such THE commissioner that the same BOND is to be24
	706	+	canceled.25
	707	+	SECTION 29. In Colorado Revised Statutes, amend 11-41-12826
	708	+	as follows:27
	709	+	1381
	710	+	-23- 11-41-128. Acknowledgments. No A notary public or other1
	711	+	public officer qualified to take acknowledgments or proof of written2
	712	+	instruments shall
	713	+	NOT be disqualified from taking the acknowledgment or3
	714	+	proof of an instrument in writing in which a savings and loan association4
	715	+	is interested by reason of his
	716	+	THE NOTARY PUBLIC'S OR OTHER PUBLIC5
	717	+	OFFICER'S employment by, or his THE NOTARY PUBLIC OR OTHER PUBLIC6
	718	+	OFFICER being a member or officer of, the savings and loan association7
	719	+	interested in such THE instrument.8
	720	+	SECTION 30. In Colorado Revised Statutes, 11-41-129, amend9
	721	+	(4) as follows:10
	722	+	11-41-129. Amendment of articles of incorporation. (4) A11
	723	+	certificate setting forth such AN amendment and the adoption thereof OF12
	724	+	THE AMENDMENT, signed by the president or vice president of such THE13
	725	+	association, verified by his THE PRESIDENT'S OR VICE PRESIDENT'S14
	726	+	affidavit, and attested by the secretary or assistant secretary thereof OF15
	727	+	THE ASSOCIATION, with the seal of the association thereunto affixed, shall16
	728	+	be submitted together TO THE COMMISSIONER with the A fee IN AN17
	729	+	AMOUNT established by the commissioner. to the commissioner for his18
	730	+	approval or disapproval, and, If he THE COMMISSIONER approves he THE19
	731	+	PROPOSED AMENDMENT , THE COMMISSIONER shall cause ATTACH a20
	732	+	certificate of approval to be attached to said THE proposed amendment,21
	733	+	and then the same AMENDMENT shall be filed in the same manner as THE22
	734	+	articles of incorporation. and Thereafter, said THE amendment shall be IS23
	735	+	in full force and effect, to the same extent, except as provided in section24
	736	+	11-41-130.5, as if the same AMENDMENT had been included in the original25
	737	+	articles of incorporation. No AN amendment to the articles of26
	738	+	incorporation shall
	739	+	NOT be filed in the office of the secretary of state of
	740	+	27
	741	+	1381
	742	+	-24- the state of Colorado or received by the secretary of state unless a1
	743	+	certificate of approval by the commissioner is attached thereto TO THE2
	744	+	AMENDMENT.3
	745	+	SECTION 31. In Colorado Revised Statutes, 11-41-130, amend4
	746	+	(1), (2), and (6) as follows:5
	747	+	11-41-130. Reorganization. (1) The board of directors of any AN6
	748	+	association at a meeting called for that purpose, may adopt a plan of7
	749	+	reorganization of the association
	750	+	AT A MEETING CALLED FOR THAT8
	751	+	PURPOSE. Two copies of the proposed plan of reorganization, signed by9
	752	+	the president or vice president of such
	753	+	THE association, verified by his10
	754	+	THE PRESIDENT'S OR VICE PRESIDENT'S affidavit, and attested by the11
	755	+	secretary or assistant secretary thereof OF THE ASSOCIATION, with the seal12
	756	+	of the association thereunto affixed, shall be submitted to the13
	757	+	commissioner for his THE COMMISSIONER'S approval, or disapproval, and14
	758	+	he THE COMMISSIONER shall cause ATTACH a certificate of approval or15
	759	+	disapproval to be attached to said THE proposed plan, one copy to be filed16
	760	+	in the division and one returned to the association. If
	761	+	A PLAN IS approved17
	762	+	by the commissioner, such approved plan
	763	+	IT shall be presented to the18
	764	+	members at a special meeting called for the purpose of considering and19
	765	+	voting upon such approved THE plan. The complete plan of20
	766	+	reorganization, as adopted by the board of directors and approved by the21
	767	+	commissioner, shall be furnished
	768	+	TO each member at the time notice of22
677	769		such
678		-	THE bond as to each person shall be IS subject to the approval of the
679		-	commissioner. In lieu of individual bonds, a blanket bond covering all
680		-	active officers, agents, and employees of such
681		-	AN association may be
682		-	executed, subject to approval by the commissioner. Every such bond shall
683		-	PAGE 17-HOUSE BILL 24-1381 be IS in force until ten days after notice IS PROVIDED to such THE
684		-	commissioner that the same BOND is to be canceled.
685		-	SECTION 29. In Colorado Revised Statutes, amend 11-41-128 as
686		-	follows:
687		-	11-41-128. Acknowledgments. No A notary public or other public
688		-	officer qualified to take acknowledgments or proof of written instruments
689		-	shall
690		-	NOT be disqualified from taking the acknowledgment or proof of an
691		-	instrument in writing in which a savings and loan association is interested
692		-	by reason of his
693		-	THE NOTARY PUBLIC'S OR OTHER PUBLIC OFFICER 'S
694		-	employment by, or his THE NOTARY PUBLIC OR OTHER PUBLIC OFFICER being
695		-	a member or officer of, the savings and loan association interested in such
696		-	THE instrument.
697		-	SECTION 30. In Colorado Revised Statutes, 11-41-129, amend (4)
698		-	as follows:
699		-	11-41-129. Amendment of articles of incorporation. (4) A
700		-	certificate setting forth such AN amendment and the adoption thereof OF THE
701		-	AMENDMENT
702		-	, signed by the president or vice president of such
703		-	THE
704		-	association, verified by his THE PRESIDENT'S OR VICE PRESIDENT'S affidavit,
705		-	and attested by the secretary or assistant secretary thereof OF THE
706		-	ASSOCIATION
707		-	, with the seal of the association thereunto
708		-	affixed, shall be
709		-	submitted together TO THE COMMISSIONER with the A fee IN AN AMOUNT
710		-	established by the commissioner. to the commissioner for his approval or
711		-	disapproval, and, If he THE COMMISSIONER approves he THE PROPOSED
712		-	AMENDMENT
713		-	, THE COMMISSIONER shall cause
714		-	ATTACH a certificate of
715		-	approval to be attached to said THE proposed amendment, and then the same
716		-	AMENDMENT shall be filed in the same manner as THE articles of
717		-	incorporation. and Thereafter, said THE amendment shall be IS in full force
718		-	and effect, to the same extent, except as provided in section 11-41-130.5,
719		-	as if the same AMENDMENT had been included in the original articles of
720		-	incorporation. No AN amendment to the articles of incorporation shall NOT
721		-	be filed in the office of the secretary of state of the state of Colorado or
722		-	received by the secretary of state unless a certificate of approval by the
723		-	commissioner is attached thereto
724		-	TO THE AMENDMENT.
725		-	SECTION 31. In Colorado Revised Statutes, 11-41-130, amend
726		-	(1), (2), and (6) as follows:
727		-	PAGE 18-HOUSE BILL 24-1381 11-41-130. Reorganization. (1) The board of directors of any AN
728		-	association at a meeting called for that purpose, may adopt a plan of
729		-	reorganization of the association
730		-	AT A MEETING CALLED FOR THAT PURPOSE.
731		-	Two copies of the proposed plan of reorganization, signed by the president
732		-	or vice president of such
733		-	THE association, verified by his THE PRESIDENT'S
734		-	OR VICE PRESIDENT
735		-	'S affidavit, and attested by the secretary or assistant
736		-	secretary thereof
737		-	OF THE ASSOCIATION, with the seal of the association
738		-	thereunto affixed, shall be submitted to the commissioner for his THE
739		-	COMMISSIONER
740		-	'S approval, or disapproval,
741		-	and he THE COMMISSIONER shall
742		-	cause ATTACH a certificate of approval or disapproval to be attached to said
743		-	THE proposed plan, one copy to be filed in the division and one returned to
744		-	the association. If
745		-	A PLAN IS approved by the commissioner, such approvedplan IT shall be presented to the members at a special meeting called for the
746		-	purpose of considering and voting upon such approved THE plan. The
747		-	complete plan of reorganization, as adopted by the board of directors and
748		-	approved by the commissioner, shall be furnished
749		-	TO each member at the
750		-	time notice of such
751		-	THE meeting IS GIVEN, as required by section 11-41-123.
752		-	is given. If at such THE meeting two-thirds of all votes of the members
753		-	present in person or by proxy are in favor of such THE approved plan, the
754		-	association may proceed to reorganize. in accordance therewith.
755		-	(2) The proceedings of such A meeting TO APPROVE A
756		-	REORGANIZATION PLAN
757		-	shall be submitted to the commissioner for his
758		-	THE
759		-	COMMISSIONER
760		-	'S approval in the same manner as required for the
761		-	submission of the plan by the board of directors. Unless the plan of
762		-	reorganization fixes a later effective date, thereof,
763		-	the effective date of
764		-	reorganization shall be IS the date upon which the commissioner accepts for
765		-	filing the certified copies of the proceedings of the meetings of members
766		-	adopting the approved plan of reorganization.
767		-	(6) The reorganization of such
768		-	AN association shall DOES not
769		-	prejudice the right of any creditor of any such THE association to have
770		-	payment of his THE CREDITOR'S debt out of the assets and property thereof
771		-	OF THE ASSOCIATION, nor shall DOES THE REORGANIZATION OF AN
772		-	ASSOCIATION DEPRIVE
773		-	any creditor be thereby deprived
774		-	of, or prejudiced
775		-	PREJUDICE ANY CREDITOR in, any right of action then existing against the
776		-	officers or directors of said THE association for any neglect or misconduct.
777		-	All obligations to any such prior association shall inure to the benefit of the
778		-	reorganized association and shall be ARE enforceable by it and in its name,
779		-	and demands, claims, and rights of action against any such PRIOR
780		-	PAGE 19-HOUSE BILL 24-1381 association may be enforced against it as fully and completely as they might
781		-	have been enforced theretofore; and BEFORE THE ASSOCIATION 'S
782		-	REORGANIZATION
783		-	. All deeds, notes, mortgages, contracts, judgments,
784		-	transactions, and proceedings whatsoever theretofore
785		-	made, received,
786		-	entered into, carried on, or done by such AN association before such ITS
787		-	reorganization shall be as ARE good, valid, and effectual in law as though
788		-	such THE association had never been reorganized.
789		-	SECTION 32. In Colorado Revised Statutes, 11-41-130.5, amend
790		-	(1), (3)(a)(I), and (3)(b) as follows:
791		-	11-41-130.5. Cessation of business as an association -
792		-	amendment of articles. (1) Notwithstanding any provision of this article
793		-	ARTICLE 41 to the contrary, in connection with the sale of all or a substantial
794		-	part of its assets, the board of directors of any savings and loan association
795		-	may propose an amendment to its articles of incorporation to amend the
796		-	objects and purposes to conform to those authorized in the "Colorado
797		-	Business Corporation Act", articles 101 to 117 of title 7, C.R.S.,
798		-	and to
799		-	make such other amendments authorized by and not inconsistent with the
800		-	provisions of article 110 of title 7. C.R.S. Such Proposed amendments shall
801		-	be submitted to the members or, if the savings and loan association has
802		-	permanent stock, to the stockholders of said
803		-	THE association for their
804		-	approval. Upon approval, said PROPOSED amendments shall be submitted
805		-	to the commissioner, together with a plan pursuant to subsection (2) of this
806		-	section, for his THE COMMISSIONER'S approval.
807		-	(3) (a) The commissioner shall approve a plan only if:
808		-	(I) He
809		-	THE COMMISSIONER determines that an association has paid
810		-	or has made provision through an assumption agreement or otherwise for
811		-	its known and unclaimed liabilities to its depositors and account holders;
812		-	(b) In approving a plan, the commissioner may impose such
813		-	terms
814		-	and conditions as he THE COMMISSIONER deems necessary to protect the
815		-	depositors, account holders, stockholders, members, and creditors of the
816		-	savings and loan association.
817		-	SECTION 33. In Colorado Revised Statutes, 11-41-131, amend
818		-	(1), (3), and (4) as follows:
819		-	PAGE 20-HOUSE BILL 24-1381 11-41-131. Dissolution. (1) Any A domestic association may elect
820		-	to abandon its certificate of authority, liquidate its affairs, and dissolve as
821		-	provided in this section. The affirmative vote of at least a majority of the
822		-	BOARD OF directors must be cast in favor of such proposal A PROPOSED
823		-	DISSOLUTION
824		-	at a special meeting thereof
825		-	OF THE BOARD. A certified copy
826		-	of such action shall THE VOTE MUST be furnished to the commissioner, who
827		-	shall forthwith PROMPTLY examine said THE association, and, if he THE
828		-	COMMISSIONER
829		-	determines that such
830		-	THE association is solvent and that it
831		-	is to IN the best interests of the members that such liquidation be
832		-	accomplished in the manner provided in ACCORDING TO this section, he THE
833		-	COMMISSIONER
834		-	shall certify his
835		-	THE COMMISSIONER'S approval thereto.
836		-	Upon the granting of such OF THE LIQUIDATION . AFTER THE
837		-	COMMISSIONER
838		-	'S approval, a special meeting of all members entitled to vote
839		-	shall be called in the manner provided by
840		-	PURSUANT TO section 11-41-123.
841		-	If a majority vote of all such members of the association is cast in favor of
842		-	the proposal to liquidate and ultimately dissolve such
843		-	THE association under
844		-	the provisions of this section, such THE proposal shall be IS deemed
845		-	adopted. A certified copy of all proceedings taken prior to and at such THE
846		-	meeting shall be filed with the commissioner, who shall determine whether or not such
847		-	THE proceedings have been conducted in accordance with law.
848		-	If the commissioner finds that such THE proceedings are legal and proper,
849		-	he THE COMMISSIONER shall certify his THE COMMISSIONER'S approval
850		-	thereon OF THE PROCEEDINGS and authorize said THE association to proceed
851		-	with the liquidation in the manner provided in this section.
852		-	(3) The association, During the liquidation of the ITS assets, of the
853		-	AN association shall be IS subject to the supervision of the commissioner
854		-	and shall pay such THE fees and assessments as are provided for REQUIRED
855		-	in articles 40 to 46 of this title TITLE 11 in the case of active associations
856		-	and shall report the progress of such THE liquidation to the commissioner
857		-	as he THE COMMISSIONER may require. Upon completion of liquidation, a
858		-	final report and accounting of the affairs of the association shall be made
859		-	to the commissioner. Upon the approval of such
860		-	THE report by the
861		-	commissioner, the board of directors, without the necessity of further action
862		-	by the members of the association, shall proceed to dissolve such
863		-	THE
864		-	association in the manner provided by law in the case of general corporations.
865		-	(4) Nothing in this section shall prejudice the rights
866		-	PREJUDICES THE
867		-	RIGHT
868		-	of the commissioner to take possession of any association under the
869		-	PAGE 21-HOUSE BILL 24-1381 authority vested in him THE COMMISSIONER by the provisions of section
870		-	11-44-110, upon determining that such THE procedure is to IN the best
871		-	interest of the members.
872		-	SECTION 34. In Colorado Revised Statutes, 11-41-132, amend (3)
873		-	as follows:
874		-	11-41-132. Escheat proceedings. (3) After thirty days from the
875		-	date of the last publication, the commissioner shall pay to the state treasurer
876		-	any such
877		-	liquidating dividends in his THE COMMISSIONER'S possession, less
878		-	the costs of publication and mailing, and shall file with the state treasurer
879		-	the affidavit of publication by the publisher and the affidavit of mailing by
880		-	the commissioner, showing the dates of such
881		-	THE publications and mailing.
882		-	The state shall be answerable for such funds THE MONEY, without interest,
883		-	anytime within twenty-one years after the same have MONEY HAS been paid
884		-	into the treasury, to such persons as shall be THAT ARE legally entitled
885		-	thereto TO THE MONEY. After the lapse of twenty-one years from the time
886		-	any such moneys have THE MONEY HAS been paid into the state treasury, IF
887		-	no claim therefor having FOR THE MONEY HAS been made and established
888		-	by any person entitled thereto, said moneys shall become TO THE MONEY,
889		-	THE MONEY BECOMES the property of the state and shall be transferred to the
890		-	general fund.
891		-	SECTION 35. In Colorado Revised Statutes, 11-41-133, amend (3)
892		-	introductory portion and (6)(c) as follows:
893		-	11-41-133. Acquisition of majority control over an existing
894		-	association - definitions. (3) After receipt of an application, the
895		-	commissioner shall make an investigation and shall issue the certificate of
896		-	approval only after he
897		-	THE COMMISSIONER has determined:
898		-	(6) (c) Whenever IF a foreign association which THAT meets the
899		-	criteria established by this subsection (6) proposes to acquire control of a
900		-	domestic association, the foreign association shall make an application for
901		-	prior approval to the commissioner in such
902		-	THE form and with such
903		-	INCLUDING ANY information that the commissioner shall require REQUIRES,
904		-	and such THE application shall MUST be accompanied by a nonrefundable
905		-	filing fee in such AN amount as determined by the commissioner. Upon
906		-	receipt of a properly submitted application to acquire control of a domestic
907		-	association, the commissioner shall proceed to investigate the application
908		-	PAGE 22-HOUSE BILL 24-1381 in accordance with the provisions of this section. The commissioner shall
909		-	not grant approval of the merger until he THE COMMISSIONER is satisfied
910		-	that the criteria imposed by this section have been met and that the
911		-	acquisition is not contrary to the public interest.
912		-	SECTION 36. In Colorado Revised Statutes, 11-42-108, amend (1)
913		-	as follows:
914		-	11-42-108. Assessment to restore impaired permanent stock.
915		-	(1) Stockholders, after their stock has been fully paid, are not liable to
916		-	creditors or for assessments upon their stock issued on or after July 1, 1981,
917		-	except as provided by this section. If the commissioner, as a result of any
918		-	examination or from any report made to him
919		-	THE COMMISSIONER, finds that
920		-	the permanent stock of any AN association is impaired, he THE
921		-	COMMISSIONER
922		-	shall notify the association that such
923		-	THE impairment exists.
924		-	In the event the amount of the impairment, as determined by the
925		-	commissioner, is questioned by the association, then, upon application filed
926		-	within ten days, the value of the assets in question shall be determined by
927		-	appraisals made by independent appraisers acceptable to the commissioner
928		-	and the association.
929		-	SECTION 37. In Colorado Revised Statutes, 11-42-109, amend (1)
930		-	as follows:
931		-	11-42-109. Sale of delinquent stock. (1) If any
932		-	A stockholder
933		-	refuses or neglects to pay the assessment specified in such A notice
934		-	PROVIDED PURSUANT TO SECTION 11-42-108 (2) within sixty days from
935		-	AFTER the date of mailing, the directors of such THE association shall have
936		-	the right to MAY sell to the highest bidder at public auction any part or all
937		-	of the stock necessary to pay the assessment of such THE stockholder, after
938		-	giving a previous notice of such THE sale for ten days in a newspaper of
939		-	general circulation published in the county where the principal office of
940		-	such
941		-	THE association in this state is located. and A copy of such THE notice
942		-	of sale shall also be served on such THE stockholder by mailing a copy of
943		-	the notice to his THE STOCKHOLDER'S last known address ten days before the
944		-	day fixed for such THE sale. or such THE stock may ALSO be sold at a
945		-	private sale and without public notice; but EXCEPT THAT, before making
946		-	such A private sale, thereof, THE BOARD OF DIRECTORS SHALL OBTAIN an
947		-	offer in writing shall first be obtained and SERVE a copy thereof served OF
948		-	THE OFFER
949		-	upon the owner of record of the stock to be sold
950		-	by mailing a
951		-	PAGE 23-HOUSE BILL 24-1381 copy of such THE offer to his THE OWNER'S last known address. and, If, after
952		-	service of such THE offer, such THE owner still refuses or neglects to pay
953		-	such THE assessment within FOR thirty days, from the time of the service of
954		-	such offer, the directors may accept the offer and sell such THE stock to the
955		-	person making such THE offer or to any other person making a larger AN
956		-	offer than the IN A LARGER amount. named in the offer submitted to the
957		-	stockholder, but such stock in no event shall be sold THE BOARD OF
958		-	DIRECTORS SHALL NOT SELL THE STOCK
959		-	for less than the amount of such
960		-	THE
961		-	assessment so called for and the expense of the sale.
962		-	SECTION 38. In Colorado Revised Statutes, 11-42-112, amend (2)
963		-	and (3) as follows:
964		-	11-42-112. Requirements for sale of permanent stock. (2) If he
965		-	THE COMMISSIONER finds that the proposed issue is such as OF STOCK will
966		-	not mislead the public as to the nature of the investment or will not work a
967		-	fraud upon the purchaser thereof
968		-	OF THE STOCK, the commissioner shall
969		-	issue to the association a permit authorizing it to issue and dispose of its
970		-	stock in such
971		-	THE amounts as PROVIDED BY the commissioner may in such
972		-	permit provide IN THE PERMIT; otherwise, he THE COMMISSIONER shall deny
973		-	the application and notify the association in writing of his THE
974		-	COMMISSIONER
975		-	'S decision.
976		-	(3) Every permit shall recite
977		-	MUST STATE in bold type that the
978		-	issuance thereof OF THE PERMIT is permissive only and does not constitute
979		-	a recommendation or endorsement of the stock permitted to be issued. The
980		-	commissioner may impose conditions requiring
981		-	REQUIRE the impoundment
982		-	of the proceeds from the sale of such stock, and limiting LIMIT the expense
983		-	in connection with the sale thereof OF STOCK, and such IMPOSE ANY other
984		-	conditions as he may deem THE COMMISSIONER DEEMS reasonable and
985		-	necessary or advisable to insure the disposition of ENSURE THAT the
986		-	proceeds from the sale of such stock ARE DISPOSED in the manner and for
987		-	the purposes provided in such THE permit. The commissioner from time to
988		-	time may amend, alter, or revoke any permit issued by him THE
989		-	COMMISSIONER
990		-	or temporarily suspend the rights of such
991		-	AN association
992		-	under such ITS permit. The commissioner has the power to MAY establish
993		-	such rules and regulations as may be THAT ARE reasonable or necessary to
994		-	carry out the purposes and provisions of this section.
995		-	SECTION 39. In Colorado Revised Statutes, 11-42-115, amend (1)
996		-	PAGE 24-HOUSE BILL 24-1381 as follows:
997		-	11-42-115. Power to issue shares to minors or in trust. (1) Every
998		-	AN association has the power to MAY issue stock or shares to a minor of any
999		-	age and either sex and receive payments thereon ON THE STOCK OR SHARES
1000		-	from, by, or for the minor. He shall be entitled to A MINOR MAY withdraw,
1001		-	transfer, or pledge any such shares owned by him THE MINOR and to receive
1002		-	from such THE association any dividends or other moneys at any time
1003		-	becoming MONEY THAT BECOMES due thereon ON THE SHARES in the same
1004		-	manner and subject to the same conditions as an adult, and his THE MINOR'S
1005		-	receipt or acquittance therefor shall constitute OF SUCH MONEY CONSTITUTES
1006		-	a valid release and discharge to the association for the payment of such
1007		-	moneys THE MONEY. The dealing of an association with a minor shall have
1008		-	HAS the same effect upon the association's liability as if the minor were of
1009		-	full legal capacity until his UNLESS THE MINOR'S guardian or conservator
1010		-	files with the association a certified copy of the order of a Colorado court
1011		-	having jurisdiction appointing the guardian or conservator and directing
1012		-	otherwise.
1013		-	SECTION 40. In Colorado Revised Statutes, amend 11-42-123 as
1014		-	follows:
1015		-	11-42-123. Matured shares. If, at the time shares in a savings and
1016		-	loan association have matured, the association has withdrawal notices on
1017		-	file to such an extent that the funds of the association, applicable to
1018		-	withdrawals, are not sufficient to pay off
1019		-	all shareholders desiring to
1020		-	withdraw, as well as shares which THAT have matured and are unpaid, and
1021		-	the holder of the matured shares desires to withdraw, he THE HOLDER OF THE
1022		-	MATURED SHARES
1023		-	shall file a notice of intention to withdraw. andThereafter, be THE HOLDER OF THE MATURED SHARES IS subject to all the
1024		-	rights and liabilities of articles 40 to 46 of this title TITLE 11 governing
1025		-	withdrawing shareholders; except that he shall be THE HOLDER OF THE
1026		-	MATURED SHARES IS
1027		-	entitled to the full amount of any dividends declared
1028		-	on like shares during the time he
1029		-	THE HOLDER OF THE MATURED SHARES has
1030		-	a withdrawal notice on file on
1031		-	THE same.
1032		-	SECTION 41. In Colorado Revised Statutes, 11-44-102, amend (3)
1033		-	as follows:
1034		-	11-44-102. Commissioner - duties - employees. (3) The deputy
1035		-	PAGE 25-HOUSE BILL 24-1381 commissioner, the secretary, and all other employees of the division shall
1036		-	be ARE under the direct supervision of the commissioner. who shall have
1037		-	full power and control over such employees. Neither the commissioner nor
1038		-	any officer or employee of the division shall be IS personally liable for any
1039		-	acts done ACT PERFORMED in good faith IF THE COMMISSIONER, OFFICER, OR
1040		-	EMPLOYEE PERFORMED THE ACT
1041		-	while in the performance of his
1042		-	THE
1043		-	COMMISSIONER
1044		-	'S, OFFICER'S, OR EMPLOYEE'S duties as prescribed by law.
1045		-	SECTION 42. In Colorado Revised Statutes, amend 11-44-103 as
1046		-	follows:
1047		-	11-44-103. Powers of commissioner. The commissioner has
1048		-	general supervision and control over all domestic and foreign savings and
1049		-	loan associations doing business in this state and has full power to
1050		-	MAY
1051		-	grant, refuse, or revoke a permit or license to any association to do business in this state when such
1052		-	THE association is not conducting its business in
1053		-	conformity with the laws of the state or is conducting its business in such
1054		-	an unsafe manner as to render THAT RENDERS its further operations
1055		-	hazardous to the public or any of its THE ASSOCIATION'S shareholders. All
1056		-	articles of incorporation and amendments thereto TO THE ARTICLES, all
1057		-	bylaws and amendments thereto TO THE BYLAWS, and all certificates of
1058		-	stock and shares of associations subject to articles 40 to 46 of this title TITLE
1059		-	11 shall be submitted to said THE commissioner for his THE
1060		-	COMMISSIONER
1061		-	'S approval or disapproval, and said
1062		-	THE commissioner has
1063		-	the authority to MAY approve, modify, or reject any such articles of
1064		-	incorporation or amendments, thereto, bylaws or amendments, thereto, and
1065		-	OR certificates of stock or shares. The commissioner has full power and
1066		-	authority to MAY prescribe all necessary and proper rules and regulations for
1067		-	the conduct and operation of savings and loan associations in this state and
1068		-	shall prescribe the manner in which the books and records of associations
1069		-	doing business in this state shall be
1070		-	ARE kept.
1071		-	SECTION 43. In Colorado Revised Statutes, amend 11-44-103.5
1072		-	as follows:
1073		-	11-44-103.5. Record retention by the commissioner. The
1074		-	commissioner shall retain records pursuant to part 1 of article 80 of title 24
1075		-	C.R.S.,
1076		-	and may, in his or her THE COMMISSIONER'S discretion, destroy
1077		-	records pursuant to said part 1.
1078		-	PAGE 26-HOUSE BILL 24-1381 SECTION 44. In Colorado Revised Statutes, amend 11-44-104 as
1079		-	follows:
1080		-	11-44-104. Commissioner may delegate powers. The
1081		-	commissioner may delegate such of his THE COMMISSIONER'S powers and
1082		-	authority to his THE COMMISSIONER'S deputies as he may deem THE
1083		-	COMMISSIONER DEEMS
1084		-	necessary for proper administration of the division
1085		-	and may designate appropriate titles for his
1086		-	THE COMMISSIONER'S deputies
1087		-	and any of his THE COMMISSIONER'S employees. Any such delegation or
1088		-	designation made may be rescinded by the commissioner at any time. All
1089		-	WRITTEN RECORDS OF such actions shall be in writing and of record
1090		-	RETAINED in the files of the division. The acts of deputies performing such
1091		-	WHO HAVE delegated powers and authority shall be of HAVE the same legal
1092		-	effect as if
1093		-	THE ACTS WERE performed personally by the commissioner.
1094		-	SECTION 45. In Colorado Revised Statutes, amend 11-44-105 as
1095		-	follows:
1096		-	11-44-105. Commissioner may institute suits. The commissioner
1097		-	shall report to the attorney general, and he
1098		-	THE ATTORNEY GENERAL shall
1099		-	institute and prosecute suits and actions to enjoin violations of articles 40
1100		-	to 46 of this title
1101		-	TITLE 11 or violations of orders or decisions of the
1102		-	commissioner rendered pursuant to said articles and to enforce any civil
1103		-	penalties provided by said articles. The commissioner shall notify the proper
1104		-	district attorney of any violation of the provisions of
1105		-	articles 40 to 46 of this
1106		-	title which TITLE 11 THAT constitutes a felony or misdemeanor, and such
1107		-	THE district attorney shall forthwith PROMPTLY prosecute the person charged
1108		-	with such THE offense. Upon THE failure or refusal of the district attorney
1109		-	to so prosecute, it shall be the duty of the attorney general to conduct such
1110		-	prosecution SHALL PROSECUTE THE MATTER .
1111		-	SECTION 46. In Colorado Revised Statutes, amend 11-44-106 as
1112		-	follows:
1113		-	11-44-106. Issuance of subpoenas. (1) The commissioner has the
1114		-	power to MAY:
1115		-	(a) Issue subpoenas and require attendance of any and all officers,
1116		-	directors, agents, salesmen, collectors, and employees OFFICER, DIRECTOR,
1117		-	AGENT, SALESPERSON, COLLECTOR, OR EMPLOYEE of any association and
1118		-	PAGE 27-HOUSE BILL 24-1381 such ANY other witnesses as he THAT THE COMMISSIONER may deem
1119		-	necessary in relation to its THE ASSOCIATION'S affairs, transactions, and
1120		-	conditions; and may
1121		-	(b) Require such witnesses to appear and answer such questions as
1122		-	THAT THE COMMISSIONER may be put to them; by the commissioner, and
1123		-	may
1124		-	(c) Require such witnesses to produce such books, papers, or
1125		-	documents in their possession. as may be required by the commissioner.
1126		-	(2) Upon application of the commissioner, any person served with
1127		-	a subpoena issued by him THE COMMISSIONER may be required, by order of
1128		-	the district court of the county where the association has its principal office,
1129		-	to:
1130		-	(a) Appear and answer such
1131		-	questions as THAT THE COMMISSIONER
1132		-	may be put to him by the commissioner THE PERSON; and be required to
1133		-	(b) Produce such books, papers, or documents in his THE PERSON'S
1134		-	possession as may be required by THAT the commissioner MAY REQUIRE.
1135		-	SECTION 47. In Colorado Revised Statutes, 11-44-106.5, amend
1136		-	(2)(b) as follows:
1137		-	11-44-106.5. Suspension or removal of directors, officers, or
1138		-	employees - penalty. (2) (b) If the commissioner determines that a specific
1139		-	case involves extraordinary circumstances which THAT require immediate
1140		-	action, he THE COMMISSIONER may suspend or remove a person under
1141		-	subsection (1) of this section without notice or a hearing, but he THE
1142		-	COMMISSIONER
1143		-	shall conduct a hearing under section 24-4-105 C.R.S.,within thirty days after such THE suspension or removal.
1144		-	SECTION 48. In Colorado Revised Statutes, 11-44-109, amend
1145		-	(1), (1.5), (2), (3), and (4) as follows:
1146		-	11-44-109. Examination by commissioner - procedure - penalty.
1147		-	(1) The commissioner, in person or by his deputy or one or more of his or
1148		-	her employees, At such intervals as the commissioner shall determine
1149		-	DETERMINES to be necessary or desirable in order to ascertain that each
1150		-	PAGE 28-HOUSE BILL 24-1381 association is conducting its business in a safe and authorized manner, THE
1151		-	COMMISSIONER OR THE COMMISSIONER
1152		-	'S DEPUTY OR EMPLOYEE shall visit
1153		-	the home office and such
1154		-	branch offices as THAT the commissioner deems
1155		-	necessary and examine into the affairs of every domestic association doing
1156		-	business in this state. The commissioner's deputy or any employee, of the
1157		-	commissioner, before being entitled to make BEFORE MAKING such AN
1158		-	examination, shall produce under the hand A DOCUMENT THAT INCLUDES
1159		-	THE SIGNATURE
1160		-	and seal of the commissioner his or her
1161		-	AND A STATEMENT
1162		-	CONCERNING THE COMMISSIONER
1163		-	'S authority to make such
1164		-	THE examination.
1165		-	The commissioner and his OR THE COMMISSIONER'S deputy have the power
1166		-	to MAY administer oaths and to examine under oath any director, officer,
1167		-	employee, or agent of any association concerning the business and affairs
1168		-	thereof
1169		-	OF THE ASSOCIATION. If the association has neither been audited by
1170		-	a registered or certified public accountant, in such THE manner and by
1171		-	auditors satisfactory to the commissioner, within the twelve-month period
1172		-	immediately preceding the date of such
1173		-	THE examination or within the
1174		-	period that has elapsed since such THE last preceding examination,
1175		-	whichever is greater, nor adopted and maintained an internal audit program
1176		-	acceptable to the federal deposit insurance corporation or its successor and
1177		-	the division, the examination by the division shall
1178		-	MUST include an audit.
1179		-	The cost, as computed by the division, of any such THE audit shall be paid
1180		-	by the association audited; except that there shall be no charge by the
1181		-	division
1182		-	SHALL NOT CHARGE for making an audit when such
1183		-	THE audit has
1184		-	been made by reason of collaboration as provided in section 11-41-117.
1185		-	(1.5) In lieu of making his or her THE COMMISSIONER'S own
1186		-	examination, the commissioner may accept the examination report prepared
1187		-	by the federal office of thrift supervision or its successor or other
1188		-	AN
1189		-	appropriate FEDERAL regulatory authority.
1190		-	(2) When, in the judgment of the commissioner, the condition of any
1191		-	AN association renders it necessary or expedient to make an extra
1192		-	examination or to devote any such extraordinary attention to its THE
1193		-	ASSOCIATION
1194		-	'S affairs, the commissioner has authority to
1195		-	MAY make any
1196		-	extra examinations and to devote any necessary extra attention to the
1197		-	conduct of its THE ASSOCIATION'S affairs and may cause a registered or
1198		-	certified public accountant, appointed by the commissioner, to make an
1199		-	audit or examination of such
1200		-	THE association's business and affairs. In any
1201		-	such case, the association shall pay a reasonable fee based on actual cost to
1202		-	be affixed by the commissioner for all such
1203		-	extra services rendered by the
1204		-	PAGE 29-HOUSE BILL 24-1381 division or by such THE accountant. A copy of the commissioner's report on
1205		-	each examination must be furnished to the association examined, and each
1206		-	director must note thereon
1207		-	ON THE REPORT that he THE DIRECTOR has read
1208		-	the same REPORT.
1209		-	(3) The commissioner or his THE COMMISSIONER'S deputy shall
1210		-	annually examine into the affairs of every foreign association doing
1211		-	business in this state, and for every such examination made outside this
1212		-	state, a reasonable expense and the actual traveling expenses incurred shall
1213		-	be paid by the association so
1214		-	examined. If the commissioner deems it
1215		-	necessary, he THE COMMISSIONER may cause a public accountant, appointed
1216		-	by the commissioner, to make an audit or examination of such THE
1217		-	association's business and affairs, and, in any such case, such THE
1218		-	association shall pay a reasonable price to be fixed by the commissioner for such
1219		-	THE extra services rendered by such THE accountant. Should IF any A
1220		-	foreign association fail FAILS to pay the costs incurred in any such THE
1221		-	examination, such THE costs shall be paid by the state treasurer upon the
1222		-	order of the commissioner, and the amount so paid shall be BECOMES a first
1223		-	lien upon all the assets and property of such THE association and may be
1224		-	recovered by suit by the attorney general on behalf of the state of Colorado
1225		-	and restored to the fund from which THE COSTS WERE paid.
1226		-	(4) For the purpose of the examinations provided for in this section,
1227		-	the commissioner and his THE COMMISSIONER'S deputy or any other person
1228		-	authorized by him THE COMMISSIONER to make the examination:
1229		-	(a) Has free access to all books and papers of the association which
1230		-	THAT relate to its business and to the books and papers kept by any officer,
1231		-	agent, or employee relating thereto TO THE ASSOCIATION or upon which any
1232		-	record of its business is kept; and
1233		-	(b) May summon witnesses and administer oaths or affirmations in
1234		-	the examination of the directors, officers, agents, or employees of any such
1235		-	association or any other person in relation to its AN ASSOCIATION'S affairs,
1236		-	transactions, and conditions; He AND
1237		-	(c) May require and compel the production of records, books,
1238		-	papers, contracts, or other documents by court action if necessary.
1239		-	SECTION 49. In Colorado Revised Statutes, 11-44-110, amend
1240		-	PAGE 30-HOUSE BILL 24-1381 (1), (2), and (4)(e) as follows:
1241		-	11-44-110. Power to take possession of association. (1) If the
1242		-	commissioner as the result of any examination or from any report made to
1243		-	him, finds that any AN association doing business in this state is violating
1244		-	the provisions of its articles of incorporation or bylaws or of the laws of this
1245		-	state provided for its THE ASSOCIATION'S government, or is conducting its
1246		-	business in an unsafe or unauthorized manner, by an THE COMMISSIONER
1247		-	MAY
1248		-	order addressed to such
1249		-	THE association he may direct a
1250		-	discontinuance of such TO DISCONTINUE THE violations or unsafe or
1251		-	unauthorized practices. and a conformity with all the requirements of law.
1252		-	(2) If such AN association refuses or neglects to comply with such
1253		-	AN order OF THE COMMISSIONER within the time specified therein IN THE
1254		-	ORDER
1255		-	, or if it appears to the commissioner that any
1256		-	AN association is in an
1257		-	unsafe condition or is conducting its business in an unsafe manner such as
1258		-	to render THAT RENDERS its further proceedings hazardous to the public or
1259		-	to any of its THE ASSOCIATION'S members, or if he THE COMMISSIONER finds
1260		-	that its THE ASSOCIATION'S assets are impaired to such an extent that it
1261		-	threatens loss to the withdrawable shares, or if any AN association refuses
1262		-	to submit its books, papers, and accounts to the inspection of the
1263		-	commissioner or any of his
1264		-	THE COMMISSIONER'S examiners, his deputy
1265		-	DEPUTIES, or his assistants, or if any officer refuses to be examined upon
1266		-	UNDER oath concerning the affairs of such THE OFFICER'S association, then
1267		-	the commissioner may revoke the certificate of authority of such THE
1268		-	association, which shall act REVOCATION SERVES as an injunction against
1269		-	the association issuing any new shares or stock, making any new loans,
1270		-	transferring any shares or stock, or making any change in its managerial or
1271		-	directorial personnel during the time such
1272		-	THE revocation is in effect.
1273		-	(4) (e) If a conservator is appointed, and
1274		-	THE CONSERVATOR is other
1275		-	than the federal deposit insurance corporation the office of thrift
1276		-	supervision or its successors, or an employee of the division of financial
1277		-	services, the conservator and any assistants shall provide a bond, payable
1278		-	to the association and executed by a surety company authorized to do
1279		-	business in this state, which
1280		-	SURETY COMPANY meets with the approval of
1281		-	the financial services board, for the faithful discharge of their
1282		-	ITS duties in
1283		-	connection with such THE conservatorship and the accounting for all
1284		-	moneys MONEY coming into their hands ITS POSSESSION. The cost of such
1285		-	THE bond shall be paid from the assets of the association. Suit may be
1286		-	PAGE 31-HOUSE BILL 24-1381 maintained on such THE bond by any person injured by a breach of the
1287		-	conditions thereof OF THE BOND. This requirement may be deemed IS met
1288		-	if the financial services board determines that the association's fidelity bond
1289		-	covers the conservator and any assistants.
1290		-	SECTION 50. In Colorado Revised Statutes, 11-44-113, amend (1)
1291		-	and (3) as follows:
1292		-	11-44-113. Procedure under court order. (1) The commissioner
1293		-	may retain possession of any
1294		-	A savings and loan association for the purpose
1295		-	of liquidating its affairs, but before doing so, he THE COMMISSIONER shall
1296		-	furnish a bond, executed by some A surety company authorized to do
1297		-	business in this state and running to the people of the state of Colorado, in
1298		-	a penal sum equal to the value of the negotiable assets of the association, as
1299		-	nearly as may be determined, for the faithful discharge of his
1300		-	THE
1301		-	COMMISSIONER
1302		-	'S duties in connection with liquidating the affairs of the
1303		-	association and accounting for all moneys
1304		-	MONEY coming into his hands.
1305		-	Such THE COMMISSIONER'S POSSESSION. THE bond shall MUST be approved
1306		-	by the governor and be filed in the office of the secretary of state. The cost
1307		-	of such THE bond shall be paid from the assets of the association. Suits may
1308		-	be maintained on such THE bond by any person injured by a breach of the
1309		-	conditions thereof OF THE BOND.
1310		-	(3) If the commissioner is in possession of the business, property,
1311		-	and assets of any AN association, regardless of whether or not he THE
1312		-	COMMISSIONER
1313		-	is liquidating the affairs of such
1314		-	THE association, the
1315		-	commissioner in his discretion, may apply to the district court of the county
1316		-	in which the principal office in this state of such THE association is located
1317		-	for an order confirming any action taken by the commissioner or
1318		-	authorizing the commissioner to do any act or to execute any instrument not
1319		-	expressly authorized by articles 40 to 46 of this title
1320		-	TITLE 11, which order
1321		-	shall be made after a hearing, on such notice as the court shall prescribe. He
1322		-	THE COMMISSIONER may pay and discharge any secured claims against such
1323		-	THE association, and, within six months after taking such possession he OF
1324		-	THE ASSOCIATION
1325		-	, THE COMMISSIONER may disaffirm any executory
1326		-	contracts, including leases, to which such
1327		-	THE association is a party and
1328		-	disaffirm any partially executed contracts, including leases, to the extent
1329		-	that they remain executory.
1330		-	SECTION 51. In Colorado Revised Statutes, amend 11-44-115 as
1331		-	PAGE 32-HOUSE BILL 24-1381 follows:
1332		-	11-44-115. Officers to furnish schedule of property. (1) Upon
1333		-	taking possession of the property, business, and assets of any AN
1334		-	association, the commissioner shall require the president and secretary of such
1335		-	THE association to:
1336		-	(a) Make a schedule of all its OF THE ASSOCIATION'S property and
1337		-	assets and of all collateral held by it THE ASSOCIATION as security for loans;
1338		-	and to make
1339		-	(b) STATE UNDER oath that such THE schedule sets forth all such
1340		-	property, assets, and collateral which such THAT THE association owns or to
1341		-	which it is entitled; and to
1342		-	(c) Deliver such TO THE COMMISSIONER THE schedule and the
1343		-	possession of all such property and collateral as may not have THAT HAS
1344		-	NOT
1345		-	been so
1346		-	previously delivered to the commissioner. who
1347		-	(2) THE COMMISSIONER may examine under oath such THE president
1348		-	and secretary, the other officers of such THE association, or the directors,
1349		-	agents, or employees thereof UNDER OATH at any time to determine whether
1350		-	or not all the property, assets, and collateral which such THAT THE
1351		-	association owns or to which it is entitled have been transferred and delivered into his possession
1352		-	TO THE COMMISSIONER.
1353		-	SECTION 52. In Colorado Revised Statutes, 11-44-116, amend
1354		-	(1), (3), (5), (6), (7), (8), and (11) as follows:
1355		-	11-44-116. Liquidation powers of commissioner. (1) In
1356		-	liquidating the affairs of an association, the commissioner has the power to
1357		-	MAY:
1358		-	(a) Collect all moneys MONEY due to and all claims of such THE
1359		-	association and give full receipt therefor; to FOR THE MONEY AND CLAIMS;
1360		-	(b) Release or reconvey all real or personal property pledged,
1361		-	hypothecated, or transferred in trust as security for loans; to
1362		-	(c) Approve and pay all just and equitable claims; to
1363		-	PAGE 33-HOUSE BILL 24-1381 (d) Commence and prosecute all actions and proceedings necessary
1364		-	to enforce liquidations; to
1365		-	(e) Compound bad or doubtful debts and to compound and settle
1366		-	with any debtor or creditor of such THE association or with the persons
1367		-	having possession of its property or being in any way responsible at law or
1368		-	in equity to such
1369		-	THE association, upon such terms and conditions and in
1370		-	such manner as he THE COMMISSIONER deems just and beneficial to such
1371		-	THE association;
1372		-	(f) In case of mutual dealings between the association and any
1373		-	person, to allow just setoffs in favor of such persons A PERSON in all cases
1374		-	in which the same ought to JUST SETOFFS SHOULD be allowed according to
1375		-	law and equity;
1376		-	(g) In case of borrowers holding shares of the association pledged
1377		-	to the association as security for said A loan, to allow the amount paid in on
1378		-	said THE shares, together with all dividends legally declared thereon ON THE
1379		-	SHARES
1380		-	, to be set off against the amount due on said
1381		-	THE loan; and to
1382		-	(h) Sell, convey, and transfer real and personal property.
1383		-	(3) For the purpose of executing and performing any of the powers
1384		-	and duties conferred upon him THE COMMISSIONER, the commissioner, in
1385		-	the name of such AN association or in his THE COMMISSIONER'S own name,
1386		-	may:
1387		-	(a) Prosecute and defend any and all suits and other legal
1388		-	proceedings SUIT OR OTHER LEGAL PROCEEDING ; and
1389		-	(b) in the name of such association or in his own name, as
1390		-	commissioner, may Execute, acknowledge, and deliver any deeds,
1391		-	assignments, releases, and other instruments necessary and proper to
1392		-	effectuate any sale of real or personal property or other transaction in
1393		-	connection with the liquidation of such
1394		-	THE association. Any deed,
1395		-	assignment, release, or other instrument executed pursuant to the authority
1396		-	given shall be THIS SUBSECTION (3)(b) IS valid and effectual for all purposes
1397		-	as though the same had been IF IT WERE executed by the officers of such
1398		-	THE association by authority of its board of directors.
1399		-	PAGE 34-HOUSE BILL 24-1381 (5) Upon determining to liquidate an association, the commissioner
1400		-	shall cause REQUIRE an inventory of all the assets of such THE association
1401		-	to be made in duplicate, the original to be filed with the court and the
1402		-	duplicate in the office of the commissioner. He
1403		-	THE COMMISSIONER shall
1404		-	cause due notice to be given, by publication once a week for four successive
1405		-	weeks in some
1406		-	A newspaper of general circulation published at or near the
1407		-	principal place of business of such THE association in this state, to all
1408		-	persons having claims against it THE ASSOCIATION as creditors, or investors,
1409		-	or otherwise, to present and file same THE CLAIMS and make legal proof
1410		-	thereof OF THEM at a place and within a time to be designated in such THE
1411		-	publication, which time shall MUST be not less than two months after such
1412		-	THE first publication. Within ten days after such THE first publication, he
1413		-	THE COMMISSIONER shall cause a copy of such THE notice to be mailed to
1414		-	all persons whose names appear of record upon its THE ASSOCIATION'S
1415		-	books as creditors or investors. and, Upon the expiration of the time fixed
1416		-	for the presentation of claims, the commissioner shall prepare or cause to
1417		-	be prepared in duplicate a full and complete schedule of all claims
1418		-	presented, specifying by classes those that have been approved and those
1419		-	that have been disapproved, and shall file the original with the court and the
1420		-	duplicate in the office of the commissioner. Not later than five days after
1421		-	the time of
1422		-	filing such THE schedule with the court, THE COMMISSIONER
1423		-	SHALL MAIL
1424		-	written notice shall be mailed
1425		-	to all claimants whose claims
1426		-	have been rejected.
1427		-	(6) Action to enforce the payment of any rejected claim must be
1428		-	brought and service had PROCESS SERVED within four months after the date
1429		-	of filing of the schedule of claims with the proper court; otherwise, all such
1430		-	actions shall be forever
1431		-	ARE barred. All claims of creditors, investors, or
1432		-	other persons against the association or against any property owned or held
1433		-	by it
1434		-	THE ASSOCIATION must be presented to the commissioner in writing
1435		-	AND verified by the claimant or someone in his ACTING ON THE CLAIMANT'S
1436		-	behalf within the TIME period limited FIXED in the notice mentioned
1437		-	DESCRIBED in subsection (5) of this section for the presentation of claims.
1438		-	and Any claims not so presented shall be forever ARE barred; but the claim
1439		-	of EXCEPT THAT any investor appearing WHO MAKES A CLAIM THAT APPEARS
1440		-	upon the books of the association as a valid claim AND IS presented after the
1441		-	expiration of the time fixed in said THE notice shall be entitled to MAY share
1442		-	in any dividends declared subsequent to the presentation of such THE claim.
1443		-	(7) (a) The commissioner under his hand and official seal may:
1444		-	PAGE 35-HOUSE BILL 24-1381 (I) Appoint one or more special deputies to assist in the duties of
1445		-	liquidation and distribution under his THE COMMISSIONER'S direction; and
1446		-	may also
1447		-	(II) Employ such special legal counsel, accountants, and assistants
1448		-	as may be needful and requisite NECESSARY; and
1449		-	(III) Fix the salaries and compensation to be allowed and paid to
1450		-	each, all to be in a reasonable and commensurate sum SPECIAL DEPUTIES,
1451		-	LEGAL COUNSEL, ACCOUNTANTS, AND ASSISTANTS.
1452		-	(b) All such salaries, and compensation, and such other reasonable
1453		-	and necessary expenses as may be incurred in the liquidation OF AN
1454		-	ASSOCIATION
1455		-	shall be paid by the commissioner from the funds of such
1456		-	THE
1457		-	association. in his hands.
1458		-	(8) From the net realization of such AN ASSOCIATION'S assets in
1459		-	excess of such salaries, compensation, and expenses, the commissioner shall
1460		-	first pay all approved claims other than to investors, and thereafter he THE
1461		-	COMMISSIONER
1462		-	shall distribute and pay dividends in liquidation to the
1463		-	shareholders and investors in the association, other than holders of
1464		-	permanent stock, until their
1465		-	THE SHAREHOLDERS' AND INVESTORS' claims are
1466		-	fully paid or such THE assets or funds are exhausted. Such Distributions
1467		-	shall be made as funds are available, therefor, to the extent of ten percent
1468		-	or more of the approved claims of the class of claimants then entitled to
1469		-	distribution, and shall continue until all the assets have been realized upon
1470		-	and a final dividend in liquidation is declared and paid.
1471		-	(11) Whenever, in case of any
1472		-	AN association which THAT has issued
1473		-	permanent stock, the commissioner has fully liquidated all claims other than
1474		-	claims of such
1475		-	THE stockholders and has made due provision for any and all
1476		-	known or unclaimed liabilities, excepting claims of permanent stockholders,
1477		-	and has paid all expenses of liquidation, he THE COMMISSIONER shall call a
1478		-	meeting of the stockholders of said savings and loan THE association by
1479		-	giving notice thereof OF THE MEETING for thirty days in one or more
1480		-	newspapers published in the county in which the principal office of the
1481		-	association is located. At such
1482		-	THE meeting, the commissioner shall deliver
1483		-	to such THE stockholders all the property and effects of said THE association
1484		-	remaining in his THE COMMISSIONER'S possession, except its records, which
1485		-	THE COMMISSIONER shall be retained by him as part of the records of his
1486		-	PAGE 36-HOUSE BILL 24-1381 office, and, upon RETAIN. AFTER such transfer and delivery, he shall be THE
1487		-	COMMISSIONER IS
1488		-	discharged from any and all
1489		-	further liability to said THE
1490		-	association or its creditors, and thereupon the association shall be IS in the
1491		-	same position as though it THAT IT WOULD BE IN IF IT had never been
1492		-	authorized to transact a savings and loan business.
1493		-	SECTION 53. In Colorado Revised Statutes, amend 11-44-117 as
1494		-	follows:
1495		-	11-44-117. Setoffs. Credits on loan shares of all persons indebted
1496		-	to any savings and loan association in the possession of the commissioner,
1497		-	whether such
1498		-	THE indebtedness is due or to become due, shall be applied by
1499		-	him THE COMMISSIONER on account of such THE indebtedness.
1500		-	SECTION 54. In Colorado Revised Statutes, amend 11-44-118 as
1501		-	follows:
1502		-	11-44-118. Commissioner and deputy not to accept gifts. Neither
1503		-	the commissioner nor his THE COMMISSIONER'S deputy shall receive or
1504		-	accept any bribe, gratuity, or reward from any person or association for any
1505		-	purpose whatever
1506		-	or knowingly and willfully make any false or fraudulent
1507		-	report of the condition of any association for any purpose. whatsoever. One
1508		-	or more of the directors of any AN association may be present at any AN
1509		-	examination of the affairs thereof OF AN ASSOCIATION, but the absence of
1510		-	any or all of the officers or directors shall DOES not operate to prevent the
1511		-	commissioner or his THE COMMISSIONER'S deputy from proceeding with
1512		-	such AN examination.
1513		-	SECTION 55. In Colorado Revised Statutes, 11-44-120, amend (1)
1514		-	as follows:
1515		-	11-44-120. Records of commissioner. (1) The commissioner shall
1516		-	maintain annually revised summaries disclosing:
1517		-	(a) The names of the officers and directors of all savings and loan
1518		-	associations doing business in the state of Colorado during the preceding
1519		-	year;
1520		-	(b) The financial condition of such THE savings and loan
1521		-	associations, together with INCLUDING a statement of the assets, liabilities,
1522		-	PAGE 37-HOUSE BILL 24-1381 and reserves of the associations; and
1523		-	(c) Such ANY other information concerning the same SAVINGS AND
1524		-	LOAN ASSOCIATIONS
1525		-	as he may see
1526		-	THE COMMISSIONER DEEMS fit TO
1527		-	INCLUDE
1528		-	.
1529		-	SECTION 56. In Colorado Revised Statutes, amend 11-46-106 as
1530		-	follows:
1531		-	11-46-106. Effect of lessee's death or incompetence. Where
1532		-	IF a
1533		-	lessor, without written notice or actual knowledge of the death or of a
1534		-	determination of legal incompetence of the lessee, deals with said
1535		-	THE
1536		-	lessee or his THE LESSEE'S agent pursuant to a written power of attorney
1537		-	signed by such THE lessee, the transaction binds the lessor and the estate of
1538		-	the lessee.
1539		-	SECTION 57. In Colorado Revised Statutes, 11-46-108, amend (1)
1540		-	introductory portion and (1)(a) as follows:
1541		-	11-46-108. Adverse claims to contents of safe deposit box. (1) A
1542		-	lessor shall not deny access to a safe deposit box to its A lessee unless the
1543		-	LESSEE'S claim of said lessee is adverse within the terms of this section. A
1544		-	claim shall be considered IS adverse when:
1545		-	(a) The lessor is directed to deny such access by a court order issued
1546		-	in an action in which the lessee is served with process and named as a party
1547		-	by a name which
1548		-	THAT identified him THE LESSEE with the name in which
1549		-	the safe deposit box is leased; or
1550		-	SECTION 58. In Colorado Revised Statutes, 11-49-101, amend
1551		-	(4), (6), (7), (8), and (10) as follows:
1552		-	11-49-101. Definitions. As used in this article 49, unless the context
1553		-	otherwise requires:
1554		-	(4) "Entrance fee" means the total of any initial or deferred transfer
1555		-	to or for the benefit of a provider, of a sum of money or other property
1556		-	WHICH TRANSFER:
1557		-	(a) I
1558		-	S made or promised to be made as full or partial consideration
1559		-	PAGE 38-HOUSE BILL 24-1381 for the acceptance or maintenance of a specified individual as a resident in
1560		-	a facility; and
1561		-	(b) I
1562		-	S IN THE FORM OF:
1563		-	(I) P
1564		-	ROPERTY; OR
1565		-	(II) A SUM OF MONEY IN AN AMOUNT THAT IS GREATER THAN FOUR
1566		-	TIMES THE AMOUNT OF A REGULAR PERIODIC CHARGE UNDER A LIFE CARE
1567		-	CONTRACT AT THE FACILITY
1568		-	.
1569		-	(6) "Life care" means care provided, pursuant to a life care contract,
1570		-	for the life of an aged person, including but not limited to services such as
1571		-	OCCUPANCY OF A LIVING UNIT, health care, NUTRITION ASSISTANCE, medical
1572		-	services, board, lodging, or other necessities
1573		-	AND NURSING SERVICES WITHIN
1574		-	A LIVING UNIT
1575		-	.
1576		-	(7) "Life care contract" means a written contract to provide life care
1577		-	to a person for the duration of the person's life conditioned upon the transfer
1578		-	of an entrance fee to the provider of the services in addition to or in lieu of
1579		-	the payment of regular periodic charges for the care and services involved.
1580		-	Any
1581		-	A life care contract UNDER WHICH THE ENTRANCE FEE IS payable to or
1582		-	for the provider in four or more installments shall be IS subject to the
1583		-	provisions of the "Uniform Consumer Credit Code", articles 1 to 9 of title
1584		-	5.
1585		-	(8) "Living unit" means a room, apartment, or other area
1586		-	THAT IS
1587		-	within a facility AND set aside for the exclusive
1588		-	use or control of one or
1589		-	more identified residents
1590		-	AND WITHIN WHICH LIFE CARE IS PROVIDED BY THE
1591		-	PROVIDER
1592		-	. A RESIDENT'S LIVING UNIT MAY CHANGE BASED ON THE
1593		-	APPROPRIATE CARE NEEDS OF THE RESIDENT
1594		-	.
1595		-	(10) (a) "Provider" means a person who undertakes to provide
1596		-	services in a facility pursuant to a life care contract.
1597		-	(b) "P
1598		-	ROVIDER" DOES NOT INCLUDE A UNIT OWNERS' ASSOCIATION,
1599		-	AS DEFINED IN SECTION 38-33.3-103 (3).
1600		-	SECTION 59. In Colorado Revised Statutes, 11-49-102, amend (1)
1601		-	introductory portion as follows:
1602		-	PAGE 39-HOUSE BILL 24-1381 11-49-102. Escrow account for entrance fees. (1) Each provider
1603		-	shall establish an escrow account that provides that all of any entrance fee
1604		-	received by the provider prior to the date the resident is permitted to occupy
1605		-	his or her
1606		-	THE RESIDENT'S living unit in the facility be placed in escrow with
1607		-	a bank, trust company, or other licensed corporate escrow agent located in
1608		-	Colorado and approved by the commissioner, subject to the condition that
1609		-	the funds
1610		-	MONEY may be released only as follows:
1611		-	SECTION 60. In Colorado Revised Statutes, 11-49-103, amend (1)
1612		-	as follows:
1613		-	11-49-103. Withdrawal or dismissal of person - refund. (1) If the
1614		-	AN agreement permits withdrawal or dismissal of the A resident from the A
1615		-	life care institution prior to the expiration of the agreement, with or without
1616		-	cause, an amount equal to the difference between the amount paid in and
1617		-	the amount used for the care of the resident during the time he or she THE
1618		-	RESIDENT
1619		-	remained in the institution, based upon the per capita cost to the
1620		-	institution as determined in a manner acceptable to the commissioner, shall
1621		-	be refunded to the resident; but in cases where a consideration greater than
1622		-	the minimum charge has been paid for accommodations above standard, a
1623		-	sum equal to the difference between the amount paid in and the ratio of the
1624		-	amount paid to the minimum consideration for standard accommodations
1625		-	times the current per capita cost to the institution applied to the period the
1626		-	resident remained in the institution shall be refunded to the resident. If the
1627		-	per capita cost to the institution during the period cannot be established
1628		-	otherwise, the cost during the period shall be
1629		-	IS deemed to be the cost at the
1630		-	time of the withdrawal or dismissal. A
1631		-	S USED IN THIS SECTION, for refund
1632		-	purposes, "cost" shall include
1633		-	INCLUDES a reasonable profit to the provider.
1634		-	SECTION 61. In Colorado Revised Statutes, 11-41-112, amend
1635		-	(1)(l) and (1)(m) as follows:
1636		-	11-41-112. Powers of savings and loan associations. (1) Savings
1637		-	and loan associations have the following powers:
1638		-	(l) To act as a trustee, custodian, or manager, or in any other
1639		-	fiduciary capacity to the same extent authorized and permitted from time to
1640		-	time by the laws and regulations applicable to federal savings and loan
1641		-	associations in Colorado, and, upon specific approval by the commissioner,
1642		-	by permission granted such federal associations by the federal office of
1643		-	PAGE 40-HOUSE BILL 24-1381 thrift supervision or its successor, including specifically, but without
1644		-	limitation, the power to act as the trustee, custodian, or manager of any trust
1645		-	created or organized in the United States and forming a part of a stock
1646		-	bonus, pension, profit-sharing, or retirement plan that is qualified for
1647		-	specific tax treatment under the provisions of
1648		-	the federal "Self-Employed
1649		-	Individuals Tax Retirement Act of 1962", 26
1650		-	U.S.C. SEC. 401 ET SEQ., as
1651		-	from time to time
1652		-	amended or supplemented, or under the provisions of any
1653		-	other act of congress enacted after June 2, 1971, as a substitute or
1654		-	replacement for the federal "Self-Employed Individuals Tax Retirement Act
1655		-	of 1962" or under the provisions of
1656		-	the federal "Employee Retirement
1657		-	Income Security Act of 1974", 29 U.S.C. sec. 1001 et seq., as from time to
1658		-	time amended or supplemented. The association managing funds of any
1659		-	such plan, trust, or fund shall have HAS, to the extent applicable to federal
1660		-	savings and loan associations in Colorado, all of the rights, powers,
1661		-	privileges, and immunities and shall be
1662		-	IS subject to the same obligations
1663		-	and duties as an individual fiduciary under like circumstances with power
1664		-	to make investments. All funds held in such fiduciary capacity by any
1665		-	association may be commingled for appropriate purposes of investment, but
1666		-	individual records shall be kept by the fiduciary for each participant and
1667		-	shall
1668		-	MUST show in proper detail all transactions engaged in under the
1669		-	authority of this paragraph (l) SUBSECTION (1)(l). An association acting as
1670		-	a trustee may control accounts in or securities of such AN association
1671		-	pursuant to the exercise of its authority as a trustee. The exercise by an
1672		-	association of any authority vested in it shall
1673		-	DOES not affect any other
1674		-	authority of such THE association.
1675		-	(m) To
1676		-	ESTABLISH, subject to the regulations of the United States
1677		-	FEDERAL treasury department, and the federal office of thrift supervision or
1678		-	its successor, establish a tax and loan account and serve as a depository for
1679		-	federal taxes or as a treasury tax and loan depository, and to satisfy any
1680		-	ASSOCIATED requirement; in connection therewith;
1681		-	SECTION 62. In Colorado Revised Statutes, 11-41-113, amend (1)
1682		-	as follows:
1683		-	11-41-113. Federal home loan bank membership. (1) Any
1684		-	savings and loan association organized and incorporated under the laws of
1685		-	this state as a savings and loan association that is eligible to become a
1686		-	member of the federal home loan bank, in accordance with the provisions
1687		-	of the act of congress known and cited as the "Federal Home Loan Bank
1688		-	PAGE 41-HOUSE BILL 24-1381 Act", 12 U.S.C. sec. 1421 et seq., approved July 22, 1932 AS AMENDED, is
1689		-	authorized to subscribe for stock of the federal home loan bank for the
1690		-	district in which it is located and to invest its funds in such stock for the
1691		-	purpose and to the extent required and permitted by the provisions of
1692		-	the
1693		-	"Federal Home Loan Bank Act", 12 U.S.C. sec. 1421 et seq., or any
1694		-	amendment thereto AS AMENDED, and is further authorized to furnish to the
1695		-	federal office of thrift supervision or its successor and to the federal home
1696		-	loan bank reports of examinations of such associations made by the
1697		-	commissioner, and is further authorized to consent to an examination to be
1698		-	made by the federal office of thrift supervision or its successor or the
1699		-	federal home loan bank, and is further authorized to do all other things as may be required by the "Federal Home Loan Bank Act", 12 U.S.C. sec. 1421 et seq., or any amendment thereto
1700		-	AS AMENDED, necessary to obtain
1701		-	and to continue membership in the federal home loan bank and to obtain
1702		-	advances therefrom
1703		-	FROM THE FEDERAL HOME LOAN BANK or that may be
1704		-	incidental to acquiring or holding membership and to obtaining advances
1705		-	therefrom
1706		-	FROM THE FEDERAL HOME LOAN BANK , and is authorized to
1707		-	assume all the duties, obligations, responsibilities, and liabilities and
1708		-	become entitled to all the benefits provided in the "Federal Home Loan
1709		-	Bank Act", 12 U.S.C. sec. 1421 et seq.,
1710		-	AS AMENDED.
1711		-	SECTION 63. In Colorado Revised Statutes, 11-42-111, amend
1712		-	(14) as follows:
1713		-	11-42-111. Reserves and distribution of earnings.
1714		-	(14) Notwithstanding any other
1715		-	provision of the Colorado "Savings and
1716		-	Loan Association Law", article 40 ARTICLES 40 TO 46 of this title TITLE 11,
1717		-	any association may distribute earnings on its shares on such other dates, on
1718		-	such other bases, and in accordance with such other terms and conditions
1719		-	as may from time to time be authorized by regulations made by the federal
1720		-	office of thrift supervision or its successor or the federal deposit insurance
1721		-	corporation or its successor for federal savings and loan associations when
1722		-	such
1723		-	THE regulations are approved by the commissioner.
1724		-	SECTION 64. In Colorado Revised Statutes, 11-44-107, amend
1725		-	(1)(c) and (1)(f) as follows:
1726		-	11-44-107. Confidentiality. (1) Neither the commissioner, the
1727		-	commissioner's deputy, nor any other person appointed by the commissioner
1728		-	shall divulge any information acquired in the discharge of the person's
1729		-	PAGE 42-HOUSE BILL 24-1381 duties; except that:
1730		-	(c) The commissioner may furnish information as to the condition
1731		-	of a savings and loan association to the federal office of thrift supervision
1732		-	or its successors, a federal home loan bank, the savings and loan
1733		-	departments of other states, an insurer authorized to insure obligations or
1734		-	accounts pursuant to articles 40 to 47 of this title
1735		-	TITLE 11, the executive
1736		-	director of the department of regulatory agencies, or AND the division of
1737		-	banking;
1738		-	(f) Notwithstanding any provision contained in this article ARTICLE
1739		-	44 to the contrary, the commissioner, the commissioner's deputies, or other
1740		-	persons appointed by the commissioner may disclose any information in the
1741		-	records of the division of financial services
1742		-	or acquired in the discharge of
1743		-	the person's duties that is available from the federal office of thrift
1744		-	supervision or its successors or IF the disclosure of which THE INFORMATION
1745		-	has been specifically authorized by the board of directors of the association to which such
1746		-	THE information relates. Nothing in this section shall be
1747		-	construed to authorize the board of directors of an association to waive any
1748		-	privileges that belong solely to the financial services board
1749		-	OR TO the
1750		-	division of financial services, or its employees.
1751		-	SECTION 65. In Colorado Revised Statutes, 11-45-101, amend (1)
1752		-	introductory portion and (1)(c) as follows:
1753		-	11-45-101. Conversion into federal association. (1) Any savings
1754		-	and loan association or other home-financing organization, by whatever
1755		-	name or style it may be designated, which
1756		-	THAT is eligible to become a
1757		-	federal savings and loan association may convert itself into a federal
1758		-	savings and loan association by the following procedure:
1759		-	(c) Within a reasonable time and without any unnecessary delay
1760		-	after the adjournment of such
1761		-	THE meeting of shareholders, the association
1762		-	shall take such ANY action as THAT may be necessary to make it a federal
1763		-	savings and loan association. and, within ten days after receipt of the federal
1764		-	charter, there shall be filed in the office or division of this state having
1765		-	supervision of such association a copy of said charter issued to such
1766		-	association by the office of thrift supervision or its successor or a certificate
1767		-	showing the organization of such association as a federal savings and loan
1768		-	association certified by, or on behalf of, the office of thrift supervision or
1769		-	PAGE 43-HOUSE BILL 24-1381 its successor. Upon the filing of such instrument, such association shall
1770		-	cease to be a state association and shall thereafter be a federal savings and
1771		-	loan association.
1772		-	SECTION 66. In Colorado Revised Statutes, 11-45-103, amend (1)
1773		-	as follows:
1774		-	11-45-103. Conversion into state association. (1) Any federal
1775		-	savings and loan association may convert itself into an association under
1776		-	articles 40 to 46 of this title
1777		-	TITLE 11 by the majority vote of all members
1778		-	present in person or by proxy at an annual meeting or at any special meeting
1779		-	called to consider such
1780		-	THE action. Copies of the minutes of the proceedings
1781		-	of such THE meeting of members, verified by the affidavit of the secretary
1782		-	or an assistant secretary, shall be filed in the office of the commissioner and
1783		-	mailed to the office of thrift supervision, or its successor, within ten days
1784		-	after such THE meeting. Such THE verified copies of the proceedings of the
1785		-	meeting when so filed shall be ARE prima facie evidence of the holding and
1786		-	action of such THE meeting.
1787		-	SECTION 67. Act subject to petition - effective date -
1788		-	applicability. (1) This act takes effect at 12:01 a.m. on the day following
1789		-	the expiration of the ninety-day period after final adjournment of the
1790		-	general assembly; except that, if a referendum petition is filed pursuant to
1791		-	section 1 (3) of article V of the state constitution against this act or an item,
1792		-	section, or part of this act within such period, then the act, item, section, or
1793		-	part will not take effect unless approved by the people at the general
1794		-	election to be held in November 2024 and, in such case, will take effect on
1795		-	the date of the official declaration of the vote thereon by the governor.
1796		-	(2) This act applies to the operations of the division of financial
1797		-	services, the commissioner of financial services, the financial services
1798		-	board, credit unions, savings and loan associations, and life care institutions
1799		-	on or after the applicable effective date of this act, including the imposition
1800		-	PAGE 44-HOUSE BILL 24-1381 of fines by the commissioner of financial services against a person who
1801		-	violates a cease-and-desist order or a suspension or removal order.
1802		-	____________________________ ____________________________
1803		-	Julie McCluskie Steve Fenberg
1804		-	SPEAKER OF THE HOUSE PRESIDENT OF
1805		-	OF REPRESENTATIVES THE SENATE
1806		-	____________________________ ____________________________
1807		-	Robin Jones Cindi L. Markwell
1808		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
1809		-	OF REPRESENTATIVES THE SENATE
1810		-	APPROVED________________________________________
1811		-	(Date and Time)
1812		-	_________________________________________
1813		-	Jared S. Polis
1814		-	GOVERNOR OF THE STATE OF COLORADO
1815		-	PAGE 45-HOUSE BILL 24-1381
	770	+	THE meeting IS GIVEN, as required by section 11-41-123. is given. If23
	771	+	at such THE meeting two-thirds of all votes of the members present in24
	772	+	person or by proxy are in favor of such THE approved plan, the25
	773	+	association may proceed to reorganize. in accordance therewith.26
	774	+	(2) The proceedings of such A meeting TO APPROVE A27
	775	+	1381
	776	+	-25- REORGANIZATION PLAN shall be submitted to the commissioner for his1
	777	+	THE COMMISSIONER'S approval in the same manner as required for the2
	778	+	submission of the plan by the board of directors. Unless the plan of3
	779	+	reorganization fixes a later effective date, thereof, the effective date of4
	780	+	reorganization shall be IS the date upon which the commissioner accepts5
	781	+	for filing the certified copies of the proceedings of the meetings of6
	782	+	members adopting the approved plan of reorganization.7
	783	+	(6) The reorganization of such AN association shall DOES not8
	784	+	prejudice the right of any creditor of any such THE association to have9
	785	+	payment of his THE CREDITOR'S debt out of the assets and property thereof10
	786	+	OF THE ASSOCIATION, nor shall DOES THE REORGANIZATION OF AN11
	787	+	ASSOCIATION DEPRIVE any creditor be thereby deprived of, or prejudiced12
	788	+	PREJUDICE ANY CREDITOR in, any right of action then existing against the13
	789	+	officers or directors of said THE association for any neglect or14
	790	+	misconduct. All obligations to any such prior association shall inure to the15
	791	+	benefit of the reorganized association and shall be ARE enforceable by it16
	792	+	and in its name, and demands, claims, and rights of action against any17
	793	+	such PRIOR association may be enforced against it as fully and completely18
	794	+	as they might have been enforced theretofore; and BEFORE THE19
	795	+	ASSOCIATION'S REORGANIZATION. All deeds, notes, mortgages, contracts,20
	796	+	judgments, transactions, and proceedings whatsoever theretofore made,21
	797	+	received, entered into, carried on, or done by such AN association before22
	798	+	such ITS reorganization shall be as ARE good, valid, and effectual in law23
	799	+	as though such THE association had never been reorganized.24
	800	+	SECTION 32. In Colorado Revised Statutes, 11-41-130.5,25
	801	+	amend (1), (3)(a)(I), and (3)(b) as follows:26
	802	+	11-41-130.5. Cessation of business as an association -27
	803	+	1381
	804	+	-26- amendment of articles. (1) Notwithstanding any provision of this article1
	805	+	ARTICLE 41 to the contrary, in connection with the sale of all or a2
	806	+	substantial part of its assets, the board of directors of any savings and loan3
	807	+	association may propose an amendment to its articles of incorporation to4
	808	+	amend the objects and purposes to conform to those authorized in the5
	809	+	"Colorado Business Corporation Act", articles 101 to 117 of title 7,6
	810	+	C.R.S., and to make such other amendments authorized by and not7
	811	+	inconsistent with the provisions of article 110 of title 7. C.R.S. Such8
	812	+	Proposed amendments shall be submitted to the members or, if the9
	813	+	savings and loan association has permanent stock, to the stockholders of10
	814	+	said THE association for their approval. Upon approval, said PROPOSED11
	815	+	amendments shall be submitted to the commissioner, together with a plan12
	816	+	pursuant to subsection (2) of this section, for his THE COMMISSIONER'S13
	817	+	approval.14
	818	+	(3) (a) The commissioner shall approve a plan only if:15
	819	+	(I) He THE COMMISSIONER determines that an association has paid16
	820	+	or has made provision through an assumption agreement or otherwise for17
	821	+	its known and unclaimed liabilities to its depositors and account holders;18
	822	+	(b) In approving a plan, the commissioner may impose such terms19
	823	+	and conditions as he THE COMMISSIONER deems necessary to protect the20
	824	+	depositors, account holders, stockholders, members, and creditors of the21
	825	+	savings and loan association.22
	826	+	SECTION 33. In Colorado Revised Statutes, 11-41-131, amend23
	827	+	(1), (3), and (4) as follows:24
	828	+	11-41-131. Dissolution. (1) Any A domestic association may25
	829	+	elect to abandon its certificate of authority, liquidate its affairs, and26
	830	+	dissolve as provided in this section. The affirmative vote of at least a27
	831	+	1381
	832	+	-27- majority of the BOARD OF directors must be cast in favor of such proposal1
	833	+	A PROPOSED DISSOLUTION at a special meeting thereof OF THE BOARD. A2
	834	+	certified copy of such action shall THE VOTE MUST be furnished to the3
	835	+	commissioner, who shall forthwith PROMPTLY examine said THE4
	836	+	association, and, if he THE COMMISSIONER determines that such THE5
	837	+	association is solvent and that it is to IN the best interests of the members6
	838	+	that such liquidation be accomplished in the manner provided in7
	839	+	ACCORDING TO this section, he THE COMMISSIONER shall certify his THE8
	840	+	COMMISSIONER'S approval thereto. Upon the granting of such OF THE9
	841	+	LIQUIDATION. AFTER THE COMMISSIONER'S approval, a special meeting of10
	842	+	all members entitled to vote shall be called in the manner provided by11
	843	+	PURSUANT TO section 11-41-123. If a majority vote of all such members12
	844	+	of the association is cast in favor of the proposal to liquidate and13
	845	+	ultimately dissolve such THE association under the provisions of this14
	846	+	section, such THE proposal shall be IS deemed adopted. A certified copy15
	847	+	of all proceedings taken prior to and at such THE meeting shall be filed16
	848	+	with the commissioner, who shall determine whether or not such THE17
	849	+	proceedings have been conducted in accordance with law. If the18
	850	+	commissioner finds that such THE proceedings are legal and proper, he19
	851	+	THE COMMISSIONER shall certify his THE COMMISSIONER'S approval20
	852	+	thereon OF THE PROCEEDINGS and authorize said THE association to21
	853	+	proceed with the liquidation in the manner provided in this section.22
	854	+	(3) The association, During the liquidation of the ITS assets, of the23
	855	+	AN association shall be IS subject to the supervision of the commissioner24
	856	+	and shall pay such THE fees and assessments as are provided for25
	857	+	REQUIRED in articles 40 to 46 of this title TITLE 11 in the case of active26
	858	+	associations and shall report the progress of such THE liquidation to the27
	859	+	1381
	860	+	-28- commissioner as he THE COMMISSIONER may require. Upon completion1
	861	+	of liquidation, a final report and accounting of the affairs of the2
	862	+	association shall be made to the commissioner. Upon the approval of such3
	863	+	THE report by the commissioner, the board of directors, without the4
	864	+	necessity of further action by the members of the association, shall5
	865	+	proceed to dissolve such THE association in the manner provided by law6
	866	+	in the case of general corporations.7
	867	+	(4) Nothing in this section shall prejudice the rights PREJUDICES8
	868	+	THE RIGHT of the commissioner to take possession of any association9
	869	+	under the authority vested in him THE COMMISSIONER by the provisions10
	870	+	of section 11-44-110, upon determining that such THE procedure is to IN11
	871	+	the best interest of the members.12
	872	+	SECTION 34. In Colorado Revised Statutes, 11-41-132, amend13
	873	+	(3) as follows:14
	874	+	11-41-132. Escheat proceedings. (3) After thirty days from the15
	875	+	date of the last publication, the commissioner shall pay to the state16
	876	+	treasurer any such liquidating dividends in his THE COMMISSIONER'S17
	877	+	possession, less the costs of publication and mailing, and shall file with18
	878	+	the state treasurer the affidavit of publication by the publisher and the19
	879	+	affidavit of mailing by the commissioner, showing the dates of such THE20
	880	+	publications and mailing. The state shall be answerable for such funds21
	881	+	THE MONEY, without interest, anytime within twenty-one years after the22
	882	+	same have MONEY HAS been paid into the treasury, to such persons as23
	883	+	shall be THAT ARE legally entitled thereto TO THE MONEY. After the lapse24
	884	+	of twenty-one years from the time any such moneys have THE MONEY HAS25
	885	+	been paid into the state treasury,
	886	+	IF no claim therefor having
	887	+	FOR THE26
	888	+	MONEY HAS been made and established by any person entitled thereto,27
	889	+	1381
	890	+	-29- said moneys shall become TO THE MONEY, THE MONEY BECOMES the1
	891	+	property of the state and shall be transferred to the general fund.2
	892	+	SECTION 35. In Colorado Revised Statutes, 11-41-133, amend3
	893	+	(3) introductory portion and (6)(c) as follows:4
	894	+	11-41-133. Acquisition of majority control over an existing5
	895	+	association - definitions. (3) After receipt of an application, the6
	896	+	commissioner shall make an investigation and shall issue the certificate7
	897	+	of approval only after he THE COMMISSIONER has determined:8
	898	+	(6) (c) Whenever IF a foreign association which THAT meets the9
	899	+	criteria established by this subsection (6) proposes to acquire control of10
	900	+	a domestic association, the foreign association shall make an application11
	901	+	for prior approval to the commissioner in such THE form and with such12
	902	+	INCLUDING ANY information that the commissioner shall require13
	903	+	REQUIRES, and such THE application shall MUST be accompanied by a14
	904	+	nonrefundable filing fee in such AN amount as determined by the15
	905	+	commissioner. Upon receipt of a properly submitted application to16
	906	+	acquire control of a domestic association, the commissioner shall proceed17
	907	+	to investigate the application in accordance with the provisions of this18
	908	+	section. The commissioner shall not grant approval of the merger until he19
	909	+	THE COMMISSIONER is satisfied that the criteria imposed by this section20
	910	+	have been met and that the acquisition is not contrary to the public21
	911	+	interest.22
	912	+	SECTION 36. In Colorado Revised Statutes, 11-42-108, amend23
	913	+	(1) as follows:24
	914	+	11-42-108. Assessment to restore impaired permanent stock.25
	915	+	(1) Stockholders, after their stock has been fully paid, are not liable to26
	916	+	creditors or for assessments upon their stock issued on or after July 1,27
	917	+	1381
	918	+	-30- 1981, except as provided by this section. If the commissioner, as a result1
	919	+	of any examination or from any report made to him THE COMMISSIONER,2
	920	+	finds that the permanent stock of any AN association is impaired, he THE3
	921	+	COMMISSIONER shall notify the association that such THE impairment4
	922	+	exists. In the event the amount of the impairment, as determined by the5
	923	+	commissioner, is questioned by the association, then, upon application6
	924	+	filed within ten days, the value of the assets in question shall be7
	925	+	determined by appraisals made by independent appraisers acceptable to8
	926	+	the commissioner and the association.9
	927	+	SECTION 37. In Colorado Revised Statutes, 11-42-109, amend10
	928	+	(1) as follows:11
	929	+	11-42-109. Sale of delinquent stock. (1) If any A stockholder12
	930	+	refuses or neglects to pay the assessment specified in such A notice13
	931	+	PROVIDED PURSUANT TO SECTION 11-42-108 (2) within sixty days from14
	932	+	AFTER the date of mailing, the directors of such THE association shall have15
	933	+	the right to MAY sell to the highest bidder at public auction any part or all16
	934	+	of the stock necessary to pay the assessment of such THE stockholder,17
	935	+	after giving a previous notice of such THE sale for ten days in a newspaper18
	936	+	of general circulation published in the county where the principal office19
	937	+	of such THE association in this state is located. and A copy of such THE20
	938	+	notice of sale shall also be served on such THE stockholder by mailing a21
	939	+	copy of the notice to his THE STOCKHOLDER'S last known address ten days22
	940	+	before the day fixed for such THE sale. or such THE stock may ALSO be23
	941	+	sold at a private sale and without public notice; but EXCEPT THAT, before24
	942	+	making such A private sale, thereof, THE BOARD OF DIRECTORS SHALL25
	943	+	OBTAIN an offer in writing shall first be obtained and SERVE a copy26
	944	+	thereof served OF THE OFFER upon the owner of record of the stock to be27
	945	+	1381
	946	+	-31- sold by mailing a copy of such THE offer to his THE OWNER'S last known1
	947	+	address. and, If, after service of such THE offer, such THE owner still2
	948	+	refuses or neglects to pay such THE assessment within FOR thirty days,3
	949	+	from the time of the service of such offer, the directors may accept the4
	950	+	offer and sell such THE stock to the person making such THE offer or to5
	951	+	any other person making a larger AN offer than the IN A LARGER amount.6
	952	+	named in the offer submitted to the stockholder, but such stock in no7
	953	+	event shall be sold THE BOARD OF DIRECTORS SHALL NOT SELL THE STOCK8
	954	+	for less than the amount of such THE assessment so called for and the9
	955	+	expense of the sale.10
	956	+	SECTION 38. In Colorado Revised Statutes, 11-42-112, amend11
	957	+	(2) and (3) as follows:12
	958	+	11-42-112. Requirements for sale of permanent stock. (2) If13
	959	+	he THE COMMISSIONER finds that the proposed issue is such as OF STOCK14
	960	+	will not mislead the public as to the nature of the investment or will not15
	961	+	work a fraud upon the purchaser thereof OF THE STOCK, the commissioner16
	962	+	shall issue to the association a permit authorizing it to issue and dispose17
	963	+	of its stock in such THE amounts as PROVIDED BY the commissioner may18
	964	+	in such permit provide IN THE PERMIT; otherwise, he THE COMMISSIONER19
	965	+	shall deny the application and notify the association in writing of his THE20
	966	+	COMMISSIONER'S decision.21
	967	+	(3) Every permit shall recite MUST STATE in bold type that the22
	968	+	issuance thereof OF THE PERMIT is permissive only and does not constitute23
	969	+	a recommendation or endorsement of the stock permitted to be issued.24
	970	+	The commissioner may impose conditions requiring REQUIRE the25
	971	+	impoundment of the proceeds from the sale of such stock, and limiting26
	972	+	LIMIT the expense in connection with the sale thereof OF STOCK, and such27
	973	+	1381
	974	+	-32- IMPOSE ANY other conditions as he may deem THE COMMISSIONER DEEMS1
	975	+	reasonable and necessary or advisable to insure the disposition of ENSURE2
	976	+	THAT the proceeds from the sale of such stock ARE DISPOSED in the3
	977	+	manner and for the purposes provided in such THE permit. The4
	978	+	commissioner from time to time may amend, alter, or revoke any permit5
	979	+	issued by him THE COMMISSIONER or temporarily suspend the rights of6
	980	+	such AN association under such ITS permit. The commissioner has the7
	981	+	power to MAY establish such rules and regulations as may be THAT ARE8
	982	+	reasonable or necessary to carry out the purposes and provisions of this9
	983	+	section.10
	984	+	SECTION 39. In Colorado Revised Statutes, 11-42-115, amend11
	985	+	(1) as follows:12
	986	+	11-42-115. Power to issue shares to minors or in trust.13
	987	+	(1) Every AN association has the power to MAY issue stock or shares to14
	988	+	a minor of any age and either sex and receive payments thereon ON THE15
	989	+	STOCK OR SHARES from, by, or for the minor. He shall be entitled to A16
	990	+	MINOR MAY withdraw, transfer, or pledge any such shares owned by him17
	991	+	THE MINOR and to receive from such THE association any dividends or18
	992	+	other moneys at any time becoming MONEY THAT BECOMES due thereon19
	993	+	ON THE SHARES in the same manner and subject to the same conditions as20
	994	+	an adult, and his THE MINOR'S receipt or acquittance therefor shall21
	995	+	constitute OF SUCH MONEY CONSTITUTES a valid release and discharge to22
	996	+	the association for the payment of such moneys THE MONEY. The dealing23
	997	+	of an association with a minor shall have HAS the same effect upon the24
	998	+	association's liability as if the minor were of full legal capacity until his25
	999	+	UNLESS THE MINOR'S guardian or conservator files with the association a26
	1000	+	certified copy of the order of a Colorado court having jurisdiction27
	1001	+	1381
	1002	+	-33- appointing the guardian or conservator and directing otherwise.1
	1003	+	SECTION 40. In Colorado Revised Statutes, amend 11-42-1232
	1004	+	as follows:3
	1005	+	11-42-123. Matured shares. If, at the time shares in a savings4
	1006	+	and loan association have matured, the association has withdrawal notices5
	1007	+	on file to such an extent that the funds of the association, applicable to6
	1008	+	withdrawals, are not sufficient to pay off all shareholders desiring to7
	1009	+	withdraw, as well as shares which THAT have matured and are unpaid,8
	1010	+	and the holder of the matured shares desires to withdraw, he THE HOLDER9
	1011	+	OF THE MATURED SHARES shall file a notice of intention to withdraw. and10
	1012	+	Thereafter, be THE HOLDER OF THE MATURED SHARES IS subject to all the11
	1013	+	rights and liabilities of articles 40 to 46 of this title TITLE 11 governing12
	1014	+	withdrawing shareholders; except that he shall be THE HOLDER OF THE13
	1015	+	MATURED SHARES IS entitled to the full amount of any dividends declared14
	1016	+	on like shares during the time he THE HOLDER OF THE MATURED SHARES15
	1017	+	has a withdrawal notice on file on
	1018	+	THE same.16
	1019	+	SECTION 41. In Colorado Revised Statutes, 11-44-102, amend17
	1020	+	(3) as follows:18
	1021	+	11-44-102. Commissioner - duties - employees. (3) The deputy19
	1022	+	commissioner, the secretary, and all other employees of the division shall
	1023	+	20
	1024	+	be ARE under the direct supervision of the commissioner. who shall have21
	1025	+	full power and control over such employees. Neither the commissioner22
	1026	+	nor any officer or employee of the division shall be IS personally liable23
	1027	+	for any acts done ACT PERFORMED in good faith IF THE COMMISSIONER,24
	1028	+	OFFICER, OR EMPLOYEE PERFORMED THE ACT while in the performance of25
	1029	+	his THE COMMISSIONER'S, OFFICER'S, OR EMPLOYEE'S duties as prescribed26
	1030	+	by law.27
	1031	+	1381
	1032	+	-34- SECTION 42. In Colorado Revised Statutes, amend 11-44-1031
	1033	+	as follows:2
	1034	+	11-44-103. Powers of commissioner. The commissioner has3
	1035	+	general supervision and control over all domestic and foreign savings and4
	1036	+	loan associations doing business in this state and has full power to MAY5
	1037	+	grant, refuse, or revoke a permit or license to any association to do6
	1038	+	business in this state when such THE association is not conducting its7
	1039	+	business in conformity with the laws of the state or is conducting its8
	1040	+	business in such an unsafe manner as to render THAT RENDERS its further9
	1041	+	operations hazardous to the public or any of its THE ASSOCIATION'S10
	1042	+	shareholders. All articles of incorporation and amendments thereto TO11
	1043	+	THE ARTICLES, all bylaws and amendments thereto TO THE BYLAWS, and12
	1044	+	all certificates of stock and shares of associations subject to articles 40 to13
	1045	+	46 of this title TITLE 11 shall be submitted to said THE commissioner for14
	1046	+	his THE COMMISSIONER'S approval or disapproval, and said THE15
	1047	+	commissioner has the authority to MAY approve, modify, or reject any16
	1048	+	such articles of incorporation or amendments, thereto, bylaws or17
	1049	+	amendments, thereto, and OR certificates of stock or shares. The18
	1050	+	commissioner has full power and authority to MAY prescribe all necessary19
	1051	+	and proper rules and regulations for the conduct and operation of savings20
	1052	+	and loan associations in this state and shall prescribe the manner in which21
	1053	+	the books and records of associations doing business in this state shall be22
	1054	+	ARE kept.23
	1055	+	SECTION 43. In Colorado Revised Statutes, amend 11-44-103.524
	1056	+	as follows:25
	1057	+	11-44-103.5. Record retention by the commissioner. The26
	1058	+	commissioner shall retain records pursuant to part 1 of article 80 of title27
	1059	+	1381
	1060	+	-35- 24 C.R.S., and may, in his or her THE COMMISSIONER'S discretion, destroy1
	1061	+	records pursuant to said part 1.2
	1062	+	SECTION 44. In Colorado Revised Statutes, amend 11-44-1043
	1063	+	as follows:4
	1064	+	11-44-104. Commissioner may delegate powers. The5
	1065	+	commissioner may delegate such of his THE COMMISSIONER'S powers and6
	1066	+	authority to his THE COMMISSIONER'S deputies as he may deem THE7
	1067	+	COMMISSIONER DEEMS necessary for proper administration of the division8
	1068	+	and may designate appropriate titles for his THE COMMISSIONER'S deputies9
	1069	+	and any of his THE COMMISSIONER'S employees. Any such delegation or10
	1070	+	designation made may be rescinded by the commissioner at any time. All11
	1071	+	W
	1072	+	RITTEN RECORDS OF such actions shall be in writing and of record
	1073	+	12
	1074	+	RETAINED in the files of the division. The acts of deputies performing13
	1075	+	such WHO HAVE delegated powers and authority shall be of HAVE the14
	1076	+	same legal effect as if
	1077	+	THE ACTS WERE performed personally by the15
	1078	+	commissioner.16
	1079	+	SECTION 45. In Colorado Revised Statutes, amend 11-44-10517
	1080	+	as follows:18
	1081	+	11-44-105. Commissioner may institute suits. The19
	1082	+	commissioner shall report to the attorney general, and he
	1083	+	THE ATTORNEY20
	1084	+	GENERAL shall institute and prosecute suits and actions to enjoin21
	1085	+	violations of articles 40 to 46 of this title TITLE 11 or violations of orders22
	1086	+	or decisions of the commissioner rendered pursuant to said articles and23
	1087	+	to enforce any civil penalties provided by said articles. The commissioner24
	1088	+	shall notify the proper district attorney of any violation of the provisions25
	1089	+	of articles 40 to 46 of this title which TITLE 11 THAT constitutes a felony26
	1090	+	or misdemeanor, and such THE district attorney shall forthwith PROMPTLY27
	1091	+	1381
	1092	+	-36- prosecute the person charged with such THE offense. Upon THE failure or1
	1093	+	refusal of the district attorney to so prosecute, it shall be the duty of the2
	1094	+	attorney general to conduct such prosecution SHALL PROSECUTE THE3
	1095	+	MATTER.4
	1096	+	SECTION 46. In Colorado Revised Statutes, amend 11-44-1065
	1097	+	as follows:6
	1098	+	11-44-106. Issuance of subpoenas. (1) The commissioner has7
	1099	+	the power to MAY:8
	1100	+	(a) Issue subpoenas and require attendance of any and all officers,9
	1101	+	directors, agents, salesmen, collectors, and employees OFFICER, DIRECTOR,10
	1102	+	AGENT, SALESPERSON, COLLECTOR, OR EMPLOYEE of any association and11
	1103	+	such ANY other witnesses as he THAT THE COMMISSIONER may deem12
	1104	+	necessary in relation to its THE ASSOCIATION'S affairs, transactions, and13
	1105	+	conditions; and may14
	1106	+	(b) Require such witnesses to appear and answer such questions15
	1107	+	as THAT THE COMMISSIONER may be put to them; by the commissioner,16
	1108	+	and may17
	1109	+	(c) Require such witnesses to produce such books, papers, or18
	1110	+	documents in their possession. as may be required by the commissioner.19
	1111	+	(2) Upon application of the commissioner, any person served with20
	1112	+	a subpoena issued by him THE COMMISSIONER may be required, by order21
	1113	+	of the district court of the county where the association has its principal22
	1114	+	office, to:23
	1115	+	(a) Appear and answer such questions as THAT THE24
	1116	+	COMMISSIONER may be put to him by the commissioner THE PERSON; and25
	1117	+	be required to26
	1118	+	(b) Produce such books, papers, or documents in his THE PERSON'S27
	1119	+	1381
	1120	+	-37- possession as may be required by THAT the commissioner MAY REQUIRE.1
	1121	+	SECTION 47. In Colorado Revised Statutes, 11-44-106.5,2
	1122	+	amend (2)(b) as follows:3
	1123	+	11-44-106.5. Suspension or removal of directors, officers, or4
	1124	+	employees - penalty. (2) (b) If the commissioner determines that a5
	1125	+	specific case involves extraordinary circumstances which THAT require6
	1126	+	immediate action, he THE COMMISSIONER may suspend or remove a7
	1127	+	person under subsection (1) of this section without notice or a hearing,8
	1128	+	but he THE COMMISSIONER shall conduct a hearing under section 24-4-1059
	1129	+	C.R.S., within thirty days after such THE suspension or removal.10
	1130	+	SECTION 48. In Colorado Revised Statutes, 11-44-109, amend11
	1131	+	(1), (1.5), (2), (3), and (4) as follows:12
	1132	+	11-44-109. Examination by commissioner - procedure -13
	1133	+	penalty. (1) The commissioner, in person or by his deputy or one or14
	1134	+	more of his or her employees, At such intervals as the commissioner shall15
	1135	+	determine DETERMINES to be necessary or desirable in order to ascertain16
	1136	+	that each association is conducting its business in a safe and authorized17
	1137	+	manner,
	1138	+	THE COMMISSIONER OR THE COMMISSIONER 'S DEPUTY OR18
	1139	+	EMPLOYEE shall visit the home office and such
	1140	+	branch offices as THAT the19
	1141	+	commissioner deems necessary and examine into the affairs of every20
	1142	+	domestic association doing business in this state. The commissioner's21
	1143	+	deputy or any employee, of the commissioner, before being entitled to22
	1144	+	make BEFORE MAKING such AN examination, shall produce under the hand23
	1145	+	A DOCUMENT THAT INCLUDES THE SIGNATURE and seal of the24
	1146	+	commissioner his or her AND A STATEMENT CONCERNING THE25
	1147	+	COMMISSIONER'S authority to make such THE examination. The26
	1148	+	commissioner and his OR THE COMMISSIONER'S deputy have the power to27
	1149	+	1381
	1150	+	-38- MAY administer oaths and to examine under oath any director, officer,1
	1151	+	employee, or agent of any association concerning the business and affairs2
	1152	+	thereof OF THE ASSOCIATION. If the association has neither been audited3
	1153	+	by a registered or certified public accountant, in such THE manner and by4
	1154	+	auditors satisfactory to the commissioner, within the twelve-month period5
	1155	+	immediately preceding the date of such THE examination or within the6
	1156	+	period that has elapsed since such THE last preceding examination,7
	1157	+	whichever is greater, nor adopted and maintained an internal audit8
	1158	+	program acceptable to the federal deposit insurance corporation or its9
	1159	+	successor and the division, the examination by the division shall MUST10
	1160	+	include an audit. The cost, as computed by the division, of any such THE11
	1161	+	audit shall be paid by the association audited; except that there shall be no12
	1162	+	charge by the division SHALL NOT CHARGE for making an audit when such13
	1163	+	THE audit has been made by reason of collaboration as provided in section14
	1164	+	11-41-117.15
	1165	+	(1.5) In lieu of making his or her THE COMMISSIONER'S own16
	1166	+	examination, the commissioner may accept the examination report17
	1167	+	prepared by the federal office of thrift supervision or its successor or18
	1168	+	other AN appropriate FEDERAL regulatory authority.19
	1169	+	(2) When, in the judgment of the commissioner, the condition of20
	1170	+	any AN association renders it necessary or expedient to make an extra21
	1171	+	examination or to devote any such extraordinary attention to its THE22
	1172	+	ASSOCIATION'S affairs, the commissioner has authority to MAY make any23
	1173	+	extra examinations and to devote any necessary extra attention to the24
	1174	+	conduct of its THE ASSOCIATION'S affairs and may cause a registered or25
	1175	+	certified public accountant, appointed by the commissioner, to make an26
	1176	+	audit or examination of such THE association's business and affairs. In any27
	1177	+	1381
	1178	+	-39- such case, the association shall pay a reasonable fee based on actual cost1
	1179	+	to be affixed by the commissioner for all such extra services rendered by2
	1180	+	the division or by such THE accountant. A copy of the commissioner's3
	1181	+	report on each examination must be furnished to the association4
	1182	+	examined, and each director must note thereon ON THE REPORT that he5
	1183	+	THE DIRECTOR has read the same REPORT.6
	1184	+	(3) The commissioner or his THE COMMISSIONER'S deputy shall7
	1185	+	annually examine into the affairs of every foreign association doing8
	1186	+	business in this state, and for every such examination made outside this9
	1187	+	state, a reasonable expense and the actual traveling expenses incurred10
	1188	+	shall be paid by the association so examined. If the commissioner deems11
	1189	+	it necessary, he THE COMMISSIONER may cause a public accountant,12
	1190	+	appointed by the commissioner, to make an audit or examination of such13
	1191	+	THE association's business and affairs, and, in any such case, such THE14
	1192	+	association shall pay a reasonable price to be fixed by the commissioner15
	1193	+	for such THE extra services rendered by such THE accountant. Should IF16
	1194	+	any A foreign association fail FAILS to pay the costs incurred in any such17
	1195	+	THE examination, such THE costs shall be paid by the state treasurer upon18
	1196	+	the order of the commissioner, and the amount so paid shall be BECOMES19
	1197	+	a first lien upon all the assets and property of such THE association and20
	1198	+	may be recovered by suit by the attorney general on behalf of the state of21
	1199	+	Colorado and restored to the fund from which THE COSTS WERE paid.22
	1200	+	(4) For the purpose of the examinations provided for in this23
	1201	+	section, the commissioner and his THE COMMISSIONER'S deputy or any24
	1202	+	other person authorized by him THE COMMISSIONER to make the25
	1203	+	examination:26
	1204	+	(a) Has free access to all books and papers of the association27
	1205	+	1381
	1206	+	-40- which THAT relate to its business and to the books and papers kept by any1
	1207	+	officer, agent, or employee relating thereto TO THE ASSOCIATION or upon2
	1208	+	which any record of its business is kept; and3
	1209	+	(b) May summon witnesses and administer oaths or affirmations4
	1210	+	in the examination of the directors, officers, agents, or employees of any5
	1211	+	such association or any other person in relation to its AN ASSOCIATION'S6
	1212	+	affairs, transactions, and conditions; He AND7
	1213	+	(c) May require and compel the production of records, books,8
	1214	+	papers, contracts, or other documents by court action if necessary.9
	1215	+	SECTION 49. In Colorado Revised Statutes, 11-44-110, amend10
	1216	+	(1), (2), and (4)(e) as follows:11
	1217	+	11-44-110. Power to take possession of association. (1) If the12
	1218	+	commissioner as the result of any examination or from any report made13
	1219	+	to him, finds that any AN association doing business in this state is14
	1220	+	violating the provisions of its articles of incorporation or bylaws or of the15
	1221	+	laws of this state provided for its THE ASSOCIATION'S government, or is16
	1222	+	conducting its business in an unsafe or unauthorized manner, by an THE17
	1223	+	COMMISSIONER MAY order addressed to such THE association he may18
	1224	+	direct a discontinuance of such TO DISCONTINUE THE violations or unsafe19
	1225	+	or unauthorized practices. and a conformity with all the requirements of20
	1226	+	law.21
	1227	+	(2) If such AN association refuses or neglects to comply with such22
	1228	+	AN order OF THE COMMISSIONER within the time specified therein IN THE23
	1229	+	ORDER, or if it appears to the commissioner that any AN association is in24
	1230	+	an unsafe condition or is conducting its business in an unsafe manner25
	1231	+	such as to render THAT RENDERS its further proceedings hazardous to the26
	1232	+	public or to any of its THE ASSOCIATION'S members, or if he THE27
	1233	+	1381
	1234	+	-41- COMMISSIONER finds that its THE ASSOCIATION'S assets are impaired to1
	1235	+	such an extent that it threatens loss to the withdrawable shares, or if any2
	1236	+	AN association refuses to submit its books, papers, and accounts to the3
	1237	+	inspection of the commissioner or any of his THE COMMISSIONER'S4
	1238	+	examiners, his deputy DEPUTIES, or his assistants, or if any officer refuses5
	1239	+	to be examined upon UNDER oath concerning the affairs of such THE6
	1240	+	OFFICER'S association, then the commissioner may revoke the certificate7
	1241	+	of authority of such THE association, which shall act REVOCATION SERVES8
	1242	+	as an injunction against the association issuing any new shares or stock,9
	1243	+	making any new loans, transferring any shares or stock, or making any10
	1244	+	change in its managerial or directorial personnel during the time such THE11
	1245	+	revocation is in effect.12
	1246	+	(4) (e) If a conservator is appointed, and THE CONSERVATOR is13
	1247	+	other than the federal deposit insurance corporation the office of thrift14
	1248	+	supervision or its successors, or an employee of the division of financial15
	1249	+	services, the conservator and any assistants shall provide a bond, payable16
	1250	+	to the association and executed by a surety company authorized to do17
	1251	+	business in this state, which SURETY COMPANY meets with the approval18
	1252	+	of the financial services board, for the faithful discharge of their ITS19
	1253	+	duties in connection with such THE conservatorship and the accounting20
	1254	+	for all moneys MONEY coming into their hands ITS POSSESSION. The cost21
	1255	+	of such THE bond shall be paid from the assets of the association. Suit22
	1256	+	may be maintained on such THE bond by any person injured by a breach23
	1257	+	of the conditions thereof OF THE BOND. This requirement may be deemed24
	1258	+	IS met if the financial services board determines that the association's25
	1259	+	fidelity bond covers the conservator and any assistants.26
	1260	+	SECTION 50. In Colorado Revised Statutes, 11-44-113, amend27
	1261	+	1381
	1262	+	-42- (1) and (3) as follows:1
	1263	+	11-44-113. Procedure under court order. (1) The commissioner2
	1264	+	may retain possession of any A savings and loan association for the3
	1265	+	purpose of liquidating its affairs, but before doing so, he THE4
	1266	+	COMMISSIONER shall furnish a bond, executed by some A surety company5
	1267	+	authorized to do business in this state and running to the people of the6
	1268	+	state of Colorado, in a penal sum equal to the value of the negotiable7
	1269	+	assets of the association, as nearly as may be determined, for the faithful8
	1270	+	discharge of his THE COMMISSIONER'S duties in connection with9
	1271	+	liquidating the affairs of the association and accounting for all moneys10
	1272	+	MONEY coming into his hands. Such THE COMMISSIONER'S POSSESSION.11
	1273	+	T
	1274	+	HE bond shall
	1275	+	MUST be approved by the governor and be filed in the12
	1276	+	office of the secretary of state. The cost of such THE bond shall be paid13
	1277	+	from the assets of the association. Suits may be maintained on such THE14
	1278	+	bond by any person injured by a breach of the conditions thereof OF THE15
	1279	+	BOND.16
	1280	+	(3) If the commissioner is in possession of the business, property,17
	1281	+	and assets of any AN association, regardless of whether or not he THE18
	1282	+	COMMISSIONER is liquidating the affairs of such THE association, the19
	1283	+	commissioner in his discretion, may apply to the district court of the20
	1284	+	county in which the principal office in this state of such THE association21
	1285	+	is located for an order confirming any action taken by the commissioner22
	1286	+	or authorizing the commissioner to do any act or to execute any23
	1287	+	instrument not expressly authorized by articles 40 to 46 of this title TITLE24
	1288	+	11, which order shall be made after a hearing, on such notice as the court25
	1289	+	shall prescribe. He THE COMMISSIONER may pay and discharge any26
	1290	+	secured claims against such THE association, and, within six months after27
	1291	+	1381
	1292	+	-43- taking such possession he OF THE ASSOCIATION, THE COMMISSIONER may1
	1293	+	disaffirm any executory contracts, including leases, to which such THE2
	1294	+	association is a party and disaffirm any partially executed contracts,3
	1295	+	including leases, to the extent that they remain executory.4
	1296	+	SECTION 51. In Colorado Revised Statutes, amend 11-44-1155
	1297	+	as follows:6
	1298	+	11-44-115. Officers to furnish schedule of property. (1) Upon7
	1299	+	taking possession of the property, business, and assets of any AN8
	1300	+	association, the commissioner shall require the president and secretary of9
	1301	+	such THE association to:10
	1302	+	(a) Make a schedule of all its OF THE ASSOCIATION'S property and11
	1303	+	assets and of all collateral held by it THE ASSOCIATION as security for12
	1304	+	loans; and to make13
	1305	+	(b) S
	1306	+	TATE UNDER oath that such
	1307	+	THE schedule sets forth all such14
	1308	+	property, assets, and collateral which such THAT THE association owns or15
	1309	+	to which it is entitled; and to16
	1310	+	(c) Deliver such TO THE COMMISSIONER THE schedule and the17
	1311	+	possession of all such property and collateral as may not have THAT HAS18
	1312	+	NOT been so previously delivered to the commissioner. who19
	1313	+	(2) T
	1314	+	HE COMMISSIONER may examine under oath such
	1315	+	THE20
	1316	+	president and secretary, the other officers of such THE association, or the21
	1317	+	directors, agents, or employees thereof UNDER OATH at any time to22
	1318	+	determine whether or not all the property, assets, and collateral which23
	1319	+	such THAT THE association owns or to which it is entitled have been24
	1320	+	transferred and delivered into his possession TO THE COMMISSIONER.25
	1321	+	SECTION 52. In Colorado Revised Statutes, 11-44-116, amend26
	1322	+	(1), (3), (5), (6), (7), (8), and (11) as follows:27
	1323	+	1381
	1324	+	-44- 11-44-116. Liquidation powers of commissioner. (1) In1
	1325	+	liquidating the affairs of an association, the commissioner has the power2
	1326	+	to MAY:3
	1327	+	(a) Collect all moneys MONEY due to and all claims of such THE4
	1328	+	association and give full receipt therefor; to FOR THE MONEY AND CLAIMS;5
	1329	+	(b) Release or reconvey all real or personal property pledged,6
	1330	+	hypothecated, or transferred in trust as security for loans; to7
	1331	+	(c) Approve and pay all just and equitable claims; to8
	1332	+	(d) Commence and prosecute all actions and proceedings9
	1333	+	necessary to enforce liquidations; to10
	1334	+	(e) Compound bad or doubtful debts and to compound and settle11
	1335	+	with any debtor or creditor of such THE association or with the persons12
	1336	+	having possession of its property or being in any way responsible at law13
	1337	+	or in equity to such THE association, upon such terms and conditions and14
	1338	+	in such manner as he THE COMMISSIONER deems just and beneficial to15
	1339	+	such THE association;16
	1340	+	(f) In case of mutual dealings between the association and any17
	1341	+	person, to allow just setoffs in favor of such persons A PERSON in all cases18
	1342	+	in which the same ought to JUST SETOFFS SHOULD be allowed according19
	1343	+	to law and equity;20
	1344	+	(g) In case of borrowers holding shares of the association pledged21
	1345	+	to the association as security for said A loan, to allow the amount paid in22
	1346	+	on said THE shares, together with all dividends legally declared thereon23
	1347	+	ON THE SHARES, to be set off against the amount due on said THE loan;24
	1348	+	and to25
	1349	+	(h) Sell, convey, and transfer real and personal property.26
	1350	+	(3) For the purpose of executing and performing any of the27
	1351	+	1381
	1352	+	-45- powers and duties conferred upon him THE COMMISSIONER, the1
	1353	+	commissioner, in the name of such AN association or in his THE2
	1354	+	COMMISSIONER'S own name, may:3
	1355	+	(a) Prosecute and defend any and all suits and other legal4
	1356	+	proceedings SUIT OR OTHER LEGAL PROCEEDING ; and5
	1357	+	(b) in the name of such association or in his own name, as6
	1358	+	commissioner, may Execute, acknowledge, and deliver any deeds,7
	1359	+	assignments, releases, and other instruments necessary and proper to8
	1360	+	effectuate any sale of real or personal property or other transaction in9
	1361	+	connection with the liquidation of such THE association. Any deed,10
	1362	+	assignment, release, or other instrument executed pursuant to the11
	1363	+	authority given shall be THIS SUBSECTION (3)(b) IS valid and effectual for12
	1364	+	all purposes as though the same had been IF IT WERE executed by the13
	1365	+	officers of such THE association by authority of its board of directors.14
	1366	+	(5) Upon determining to liquidate an association, the15
	1367	+	commissioner shall cause REQUIRE an inventory of all the assets of such16
	1368	+	THE association to be made in duplicate, the original to be filed with the17
	1369	+	court and the duplicate in the office of the commissioner. He THE18
	1370	+	COMMISSIONER shall cause due notice to be given, by publication once a19
	1371	+	week for four successive weeks in some A newspaper of general20
	1372	+	circulation published at or near the principal place of business of such21
	1373	+	THE association in this state, to all persons having claims against it THE22
	1374	+	ASSOCIATION as creditors, or investors, or otherwise, to present and file23
	1375	+	same THE CLAIMS and make legal proof thereof OF THEM at a place and24
	1376	+	within a time to be designated in such THE publication, which time shall25
	1377	+	MUST be not less than two months after such THE first publication. Within26
	1378	+	ten days after such THE first publication, he THE COMMISSIONER shall27
	1379	+	1381
	1380	+	-46- cause a copy of such THE notice to be mailed to all persons whose names1
	1381	+	appear of record upon its THE ASSOCIATION'S books as creditors or2
	1382	+	investors. and, Upon the expiration of the time fixed for the presentation3
	1383	+	of claims, the commissioner shall prepare or cause to be prepared in4
	1384	+	duplicate a full and complete schedule of all claims presented, specifying5
	1385	+	by classes those that have been approved and those that have been6
	1386	+	disapproved, and shall file the original with the court and the duplicate in7
	1387	+	the office of the commissioner. Not later than five days after the time of8
	1388	+	filing such THE schedule with the court, THE COMMISSIONER SHALL MAIL9
	1389	+	written notice shall be mailed to all claimants whose claims have been10
	1390	+	rejected.11
	1391	+	(6) Action to enforce the payment of any rejected claim must be12
	1392	+	brought and service had PROCESS SERVED within four months after the13
	1393	+	date of filing of the schedule of claims with the proper court; otherwise,14
	1394	+	all such actions shall be forever ARE barred. All claims of creditors,15
	1395	+	investors, or other persons against the association or against any property16
	1396	+	owned or held by it THE ASSOCIATION must be presented to the17
	1397	+	commissioner in writing
	1398	+	AND verified by the claimant or someone in his
	1399	+	18
	1400	+	ACTING ON THE CLAIMANT'S behalf within the TIME period limited FIXED19
	1401	+	in the notice mentioned DESCRIBED in subsection (5) of this section for20
	1402	+	the presentation of claims. and Any claims not so presented shall be21
	1403	+	forever ARE barred; but the claim of EXCEPT THAT any investor appearing22
	1404	+	WHO MAKES A CLAIM THAT APPEARS upon the books of the association as23
	1405	+	a valid claim
	1406	+	AND IS presented after the expiration of the time fixed in24
	1407	+	said
	1408	+	THE notice shall be entitled to MAY share in any dividends declared25
	1409	+	subsequent to the presentation of such THE claim.26
	1410	+	(7) (a) The commissioner under his hand and official seal may:27
	1411	+	1381
	1412	+	-47- (I) Appoint one or more special deputies to assist in the duties of1
	1413	+	liquidation and distribution under his THE COMMISSIONER'S direction; and2
	1414	+	may also3
	1415	+	(II) Employ such special legal counsel, accountants, and assistants4
	1416	+	as may be needful and requisite NECESSARY; and5
	1417	+	(III) Fix the salaries and compensation to be allowed and paid to6
	1418	+	each, all to be in a reasonable and commensurate sum SPECIAL DEPUTIES,7
	1419	+	LEGAL COUNSEL, ACCOUNTANTS, AND ASSISTANTS.8
	1420	+	(b) All such salaries, and compensation, and such other reasonable9
	1421	+	and necessary expenses as may be incurred in the liquidation OF AN10
	1422	+	ASSOCIATION shall be paid by the commissioner from the funds of such11
	1423	+	THE association. in his hands.12
	1424	+	(8) From the net realization of such AN ASSOCIATION'S assets in13
	1425	+	excess of such salaries, compensation, and expenses, the commissioner14
	1426	+	shall first pay all approved claims other than to investors, and thereafter15
	1427	+	he THE COMMISSIONER shall distribute and pay dividends in liquidation to16
	1428	+	the shareholders and investors in the association, other than holders of17
	1429	+	permanent stock, until their THE SHAREHOLDERS' AND INVESTORS' claims18
	1430	+	are fully paid or such THE assets or funds are exhausted. Such19
	1431	+	Distributions shall be made as funds are available, therefor, to the extent20
	1432	+	of ten percent or more of the approved claims of the class of claimants21
	1433	+	then entitled to distribution, and shall continue until all the assets have22
	1434	+	been realized upon and a final dividend in liquidation is declared and23
	1435	+	paid.24
	1436	+	(11) Whenever, in case of any AN association which THAT has25
	1437	+	issued permanent stock, the commissioner has fully liquidated all claims26
	1438	+	other than claims of such THE stockholders and has made due provision27
	1439	+	1381
	1440	+	-48- for any and all known or unclaimed liabilities, excepting claims of1
	1441	+	permanent stockholders, and has paid all expenses of liquidation, he THE2
	1442	+	COMMISSIONER shall call a meeting of the stockholders of said savings3
	1443	+	and loan THE association by giving notice thereof OF THE MEETING for4
	1444	+	thirty days in one or more newspapers published in the county in which5
	1445	+	the principal office of the association is located. At such THE meeting, the6
	1446	+	commissioner shall deliver to such THE stockholders all the property and7
	1447	+	effects of said THE association remaining in his THE COMMISSIONER'S8
	1448	+	possession, except its records, which
	1449	+	THE COMMISSIONER shall be retained
	1450	+	9
	1451	+	by him as part of the records of his office, and, upon RETAIN. AFTER such10
	1452	+	transfer and delivery, he shall be THE COMMISSIONER IS discharged from11
	1453	+	any and all further liability to said THE association or its creditors, and12
	1454	+	thereupon the association shall be IS in the same position as though it13
	1455	+	THAT IT WOULD BE IN IF IT had never been authorized to transact a savings14
	1456	+	and loan business.15
	1457	+	SECTION 53. In Colorado Revised Statutes, amend 11-44-11716
	1458	+	as follows:17
	1459	+	11-44-117. Setoffs. Credits on loan shares of all persons indebted18
	1460	+	to any savings and loan association in the possession of the19
	1461	+	commissioner, whether such THE indebtedness is due or to become due,20
	1462	+	shall be applied by him THE COMMISSIONER on account of such THE21
	1463	+	indebtedness.22
	1464	+	SECTION 54. In Colorado Revised Statutes, amend 11-44-11823
	1465	+	as follows:24
	1466	+	11-44-118. Commissioner and deputy not to accept gifts.25
	1467	+	Neither the commissioner nor his THE COMMISSIONER'S deputy shall26
	1468	+	receive or accept any bribe, gratuity, or reward from any person or27
	1469	+	1381
	1470	+	-49- association for any purpose whatever or knowingly and willfully make1
	1471	+	any false or fraudulent report of the condition of any association for any2
	1472	+	purpose. whatsoever. One or more of the directors of any AN association3
	1473	+	may be present at any AN examination of the affairs thereof OF AN4
	1474	+	ASSOCIATION, but the absence of any or all of the officers or directors5
	1475	+	shall DOES not operate to prevent the commissioner or his THE6
	1476	+	COMMISSIONER'S deputy from proceeding with such AN examination.7
	1477	+	SECTION 55. In Colorado Revised Statutes, 11-44-120, amend8
	1478	+	(1) as follows:9
	1479	+	11-44-120. Records of commissioner. (1) The commissioner10
	1480	+	shall maintain annually revised summaries disclosing:11
	1481	+	(a) The names of the officers and directors of all savings and loan12
	1482	+	associations doing business in the state of Colorado during the preceding13
	1483	+	year;14
	1484	+	(b) The financial condition of such THE savings and loan15
	1485	+	associations, together with INCLUDING a statement of the assets, liabilities,16
	1486	+	and reserves of the associations; and17
	1487	+	(c) Such ANY other information concerning the same SAVINGS18
	1488	+	AND LOAN ASSOCIATIONS as he may see THE COMMISSIONER DEEMS fit TO19
	1489	+	INCLUDE.20
	1490	+	SECTION 56. In Colorado Revised Statutes, amend 11-46-10621
	1491	+	as follows:22
	1492	+	11-46-106. Effect of lessee's death or incompetence. Where IF23
	1493	+	a lessor, without written notice or actual knowledge of the death or of a24
	1494	+	determination of legal incompetence of the lessee, deals with said THE25
	1495	+	lessee or his THE LESSEE'S agent pursuant to a written power of attorney26
	1496	+	signed by such THE lessee, the transaction binds the lessor and the estate27
	1497	+	1381
	1498	+	-50- of the lessee.1
	1499	+	SECTION 57. In Colorado Revised Statutes, 11-46-108, amend2
	1500	+	(1) introductory portion and (1)(a) as follows:3
	1501	+	11-46-108. Adverse claims to contents of safe deposit box.4
	1502	+	(1) A lessor shall not deny access to a safe deposit box to
	1503	+	IT'S A lessee5
	1504	+	unless the
	1505	+	LESSEE'S claim of said lessee
	1506	+	is adverse within the terms of this6
	1507	+	section. A claim shall be considered IS adverse when:7
	1508	+	(a) The lessor is directed to deny such access by a court order8
	1509	+	issued in an action in which the lessee is served with process and named9
	1510	+	as a party by a name which THAT identified him THE LESSEE with the10
	1511	+	name in which the safe deposit box is leased; or11
	1512	+	SECTION 58. In Colorado Revised Statutes, 11-49-101, amend12
	1513	+	(4), (6), (7), (8), and (10) as follows:13
	1514	+	11-49-101. Definitions. As used in this article 49, unless the14
	1515	+	context otherwise requires:15
	1516	+	(4) "Entrance fee" means the total of any initial or deferred16
	1517	+	transfer to or for the benefit of a provider, of a sum of money or other17
	1518	+	property WHICH TRANSFER:18
	1519	+	(a) IS made or promised to be made as full or partial consideration19
	1520	+	for the acceptance or maintenance of a specified individual as a resident20
	1521	+	in a facility; and21
	1522	+	(b) IS IN THE FORM OF:22
	1523	+	(I) PROPERTY; OR23
	1524	+	(II) A SUM OF MONEY IN AN AMOUNT THAT IS GREATER THAN FOUR24
	1525	+	TIMES THE AMOUNT OF A REGULAR PERIODIC CHARGE UNDER A LIFE CARE25
	1526	+	CONTRACT AT THE FACILITY.26
	1527	+	(6) "Life care" means care provided, pursuant to a life care27
	1528	+	1381
	1529	+	-51- contract, for the life of an aged person, including but not limited to1
	1530	+	services such as OCCUPANCY OF A LIVING UNIT, health care, NUTRITION2
	1531	+	ASSISTANCE, medical services, board, lodging, or other necessities AND3
	1532	+	NURSING SERVICES WITHIN A LIVING UNIT.4
	1533	+	(7) "Life care contract" means a written contract to provide life5
	1534	+	care to a person for the duration of the person's life conditioned upon the6
	1535	+	transfer of an entrance fee to the provider of the services in addition to or7
	1536	+	in lieu of the payment of regular periodic charges for the care and8
	1537	+	services involved. Any A life care contract UNDER WHICH THE ENTRANCE9
	1538	+	FEE IS payable to or for the provider in four or more installments shall be10
	1539	+	IS subject to the provisions of the "Uniform Consumer Credit Code",11
	1540	+	articles 1 to 9 of title 5.12
	1541	+	(8) "Living unit" means a room, apartment, or other area THAT IS13
	1542	+	within a facility AND set aside for the exclusive use or control of one or14
	1543	+	more identified residents AND WITHIN WHICH LIFE CARE IS PROVIDED BY15
	1544	+	THE PROVIDER. A RESIDENT'S LIVING UNIT MAY CHANGE BASED ON THE16
	1545	+	APPROPRIATE CARE NEEDS OF THE RESIDENT .17
	1546	+	(10) (a) "Provider" means a person who undertakes to provide18
	1547	+	services in a facility pursuant to a life care contract.19
	1548	+	(b) "PROVIDER" DOES NOT INCLUDE A UNIT OWNERS' ASSOCIATION,20
	1549	+	AS DEFINED IN SECTION 38-33.3-103 (3).21
	1550	+	SECTION 59. In Colorado Revised Statutes, 11-49-102, amend22
	1551	+	(1) introductory portion as follows:23
	1552	+	11-49-102. Escrow account for entrance fees. (1) Each provider24
	1553	+	shall establish an escrow account that provides that all of any entrance fee25
	1554	+	received by the provider prior to the date the resident is permitted to26
	1555	+	occupy his or her THE RESIDENT'S living unit in the facility be placed in27
	1556	+	1381
	1557	+	-52- escrow with a bank, trust company, or other licensed corporate escrow1
	1558	+	agent located in Colorado and approved by the commissioner, subject to2
	1559	+	the condition that the funds MONEY may be released only as follows:3
	1560	+	SECTION 60. In Colorado Revised Statutes, 11-49-103, amend4
	1561	+	(1) as follows:5
	1562	+	11-49-103. Withdrawal or dismissal of person - refund. (1) If6
	1563	+	the AN agreement permits withdrawal or dismissal of the A resident from7
	1564	+	the A life care institution prior to the expiration of the agreement, with or8
	1565	+	without cause, an amount equal to the difference between the amount paid9
	1566	+	in and the amount used for the care of the resident during the time he or10
	1567	+	she THE RESIDENT remained in the institution, based upon the per capita11
	1568	+	cost to the institution as determined in a manner acceptable to the12
	1569	+	commissioner, shall be refunded to the resident; but in cases where a13
	1570	+	consideration greater than the minimum charge has been paid for14
	1571	+	accommodations above standard, a sum equal to the difference between15
	1572	+	the amount paid in and the ratio of the amount paid to the minimum16
	1573	+	consideration for standard accommodations times the current per capita17
	1574	+	cost to the institution applied to the period the resident remained in the18
	1575	+	institution shall be refunded to the resident. If the per capita cost to the19
	1576	+	institution during the period cannot be established otherwise, the cost20
	1577	+	during the period shall be IS deemed to be the cost at the time of the21
	1578	+	withdrawal or dismissal. A
	1579	+	S USED IN THIS SECTION, for refund purposes,22
	1580	+	"cost" shall include
	1581	+	INCLUDES a reasonable profit to the provider.23
	1582	+	SECTION 61. In Colorado Revised Statutes, 11-41-112, amend24
	1583	+	(1)(l) and (1)(m) as follows:25
	1584	+	11-41-112. Powers of savings and loan associations.26
	1585	+	(1) Savings and loan associations have the following powers:27
	1586	+	1381
	1587	+	-53- (l) To act as a trustee, custodian, or manager, or in any other1
	1588	+	fiduciary capacity to the same extent authorized and permitted from time2
	1589	+	to time by the laws and regulations applicable to federal savings and loan3
	1590	+	associations in Colorado, and, upon specific approval by the4
	1591	+	commissioner, by permission granted such federal associations by the5
	1592	+	federal office of thrift supervision or its successor, including specifically,6
	1593	+	but without limitation, the power to act as the trustee, custodian, or7
	1594	+	manager of any trust created or organized in the United States and8
	1595	+	forming a part of a stock bonus, pension, profit-sharing, or retirement9
	1596	+	plan that is qualified for specific tax treatment under the provisions of the10
	1597	+	federal "Self-Employed Individuals Tax Retirement Act of 1962", 2611
	1598	+	U.S.C. SEC. 401 ET SEQ., as from time to time amended or supplemented,12
	1599	+	or under the provisions of any other act of congress enacted after June 2,13
	1600	+	1971, as a substitute or replacement for the federal "Self-Employed14
	1601	+	Individuals Tax Retirement Act of 1962" or under the provisions of the15
	1602	+	federal "Employee Retirement Income Security Act of 1974", 29 U.S.C.16
	1603	+	sec. 1001 et seq., as from time to time amended or supplemented. The17
	1604	+	association managing funds of any such plan, trust, or fund shall have18
	1605	+	HAS, to the extent applicable to federal savings and loan associations in19
	1606	+	Colorado, all of the rights, powers, privileges, and immunities and shall20
	1607	+	be IS subject to the same obligations and duties as an individual fiduciary21
	1608	+	under like circumstances with power to make investments. All funds held22
	1609	+	in such fiduciary capacity by any association may be commingled for23
	1610	+	appropriate purposes of investment, but individual records shall be kept24
	1611	+	by the fiduciary for each participant and shall MUST show in proper detail25
	1612	+	all transactions engaged in under the authority of this paragraph (l)26
	1613	+	SUBSECTION (1)(l). An association acting as a trustee may control27
	1614	+	1381
	1615	+	-54- accounts in or securities of such AN association pursuant to the exercise1
	1616	+	of its authority as a trustee. The exercise by an association of any2
	1617	+	authority vested in it shall DOES not affect any other authority of such THE3
	1618	+	association.4
	1619	+	(m) To ESTABLISH, subject to the regulations of the United States5
	1620	+	FEDERAL treasury department, and the federal office of thrift supervision6
	1621	+	or its successor, establish a tax and loan account and serve as a depository7
	1622	+	for federal taxes or as a treasury tax and loan depository, and to satisfy8
	1623	+	any ASSOCIATED requirement; in connection therewith;9
	1624	+	SECTION 62. In Colorado Revised Statutes, 11-41-113, amend10
	1625	+	(1) as follows:11
	1626	+	11-41-113. Federal home loan bank membership. (1) Any12
	1627	+	savings and loan association organized and incorporated under the laws13
	1628	+	of this state as a savings and loan association that is eligible to become a14
	1629	+	member of the federal home loan bank, in accordance with the provisions15
	1630	+	of the act of congress known and cited as the "Federal Home Loan Bank16
	1631	+	Act", 12 U.S.C. sec. 1421 et seq., approved July 22, 1932 AS AMENDED,17
	1632	+	is authorized to subscribe for stock of the federal home loan bank for the18
	1633	+	district in which it is located and to invest its funds in such stock for the19
	1634	+	purpose and to the extent required and permitted by the provisions of the20
	1635	+	"Federal Home Loan Bank Act", 12 U.S.C. sec. 1421 et seq., or any21
	1636	+	amendment thereto AS AMENDED, and is further authorized to furnish to22
	1637	+	the federal office of thrift supervision or its successor and to the federal23
	1638	+	home loan bank reports of examinations of such associations made by the24
	1639	+	commissioner, and is further authorized to consent to an examination to25
	1640	+	be made by the federal office of thrift supervision or its successor or the26
	1641	+	federal home loan bank, and is further authorized to do all other things as27
	1642	+	1381
	1643	+	-55- may be required by the "Federal Home Loan Bank Act", 12 U.S.C. sec.1
	1644	+	1421 et seq., or any amendment thereto AS AMENDED, necessary to obtain2
	1645	+	and to continue membership in the federal home loan bank and to obtain3
	1646	+	advances therefrom FROM THE FEDERAL HOME LOAN BANK or that may be4
	1647	+	incidental to acquiring or holding membership and to obtaining advances5
	1648	+	therefrom FROM THE FEDERAL HOME LOAN BANK , and is authorized to6
	1649	+	assume all the duties, obligations, responsibilities, and liabilities and7
	1650	+	become entitled to all the benefits provided in the "Federal Home Loan8
	1651	+	Bank Act", 12 U.S.C. sec. 1421 et seq., AS AMENDED.9
	1652	+	SECTION 63. In Colorado Revised Statutes, 11-42-111, amend10
	1653	+	(14) as follows:11
	1654	+	11-42-111. Reserves and distribution of earnings.12
	1655	+	(14) Notwithstanding any other provision of the Colorado "Savings and13
	1656	+	Loan Association Law", article 40 ARTICLES 40 TO 46 of this title TITLE14
	1657	+	11, any association may distribute earnings on its shares on such other15
	1658	+	dates, on such other bases, and in accordance with such other terms and16
	1659	+	conditions as may from time to time be authorized by regulations made17
	1660	+	by the federal office of thrift supervision or its successor or the federal18
	1661	+	deposit insurance corporation or its successor for federal savings and loan19
	1662	+	associations when such THE regulations are approved by the20
	1663	+	commissioner.21
	1664	+	SECTION 64. In Colorado Revised Statutes, 11-44-107, amend22
	1665	+	(1)(c) and (1)(f) as follows:23
	1666	+	11-44-107. Confidentiality. (1) Neither the commissioner, the24
	1667	+	commissioner's deputy, nor any other person appointed by the25
	1668	+	commissioner shall divulge any information acquired in the discharge of26
	1669	+	the person's duties; except that:27
	1670	+	1381
	1671	+	-56- (c) The commissioner may furnish information as to the condition1
	1672	+	of a savings and loan association to the federal office of thrift supervision2
	1673	+	or its successors, a federal home loan bank, the savings and loan3
	1674	+	departments of other states, an insurer authorized to insure obligations or4
	1675	+	accounts pursuant to articles 40 to 47 of this title TITLE 11, the executive5
	1676	+	director of the department of regulatory agencies, or AND the division of6
	1677	+	banking;7
	1678	+	(f) Notwithstanding any provision contained in this article8
	1679	+	ARTICLE 44 to the contrary, the commissioner, the commissioner's9
	1680	+	deputies, or other persons appointed by the commissioner may disclose10
	1681	+	any information in the records of the division of financial services or11
	1682	+	acquired in the discharge of the person's duties that is available from the12
	1683	+	federal office of thrift supervision or its successors or IF the disclosure of13
	1684	+	which THE INFORMATION has been specifically authorized by the board of14
	1685	+	directors of the association to which such THE information relates.15
	1686	+	Nothing in this section shall be construed to authorize the board of16
	1687	+	directors of an association to waive any privileges that belong solely to17
	1688	+	the financial services board OR TO the division of financial services, or its18
	1689	+	employees.19
	1690	+	SECTION 65. In Colorado Revised Statutes, 11-45-101, amend20
	1691	+	(1) introductory portion and (1)(c) as follows:21
	1692	+	11-45-101. Conversion into federal association. (1) Any22
	1693	+	savings and loan association or other home-financing organization, by23
	1694	+	whatever name or style it may be designated, which THAT is eligible to24
	1695	+	become a federal savings and loan association may convert itself into a25
	1696	+	federal savings and loan association by the following procedure:26
	1697	+	(c) Within a reasonable time and without any unnecessary delay27
	1698	+	1381
	1699	+	-57- after the adjournment of such THE meeting of shareholders, the1
	1700	+	association shall take such ANY action as THAT may be necessary to make2
	1701	+	it a federal savings and loan association. and, within ten days after receipt3
	1702	+	of the federal charter, there shall be filed in the office or division of this4
	1703	+	state having supervision of such association a copy of said charter issued5
	1704	+	to such association by the office of thrift supervision or its successor or6
	1705	+	a certificate showing the organization of such association as a federal7
	1706	+	savings and loan association certified by, or on behalf of, the office of8
	1707	+	thrift supervision or its successor. Upon the filing of such instrument,9
	1708	+	such association shall cease to be a state association and shall thereafter10
	1709	+	be a federal savings and loan association.11
	1710	+	SECTION 66. In Colorado Revised Statutes, 11-45-103, amend12
	1711	+	(1) as follows:13
	1712	+	11-45-103. Conversion into state association. (1) Any federal14
	1713	+	savings and loan association may convert itself into an association under15
	1714	+	articles 40 to 46 of this title TITLE 11 by the majority vote of all members16
	1715	+	present in person or by proxy at an annual meeting or at any special17
	1716	+	meeting called to consider such THE action. Copies of the minutes of the18
	1717	+	proceedings of such THE meeting of members, verified by the affidavit of19
	1718	+	the secretary or an assistant secretary, shall be filed in the office of the20
	1719	+	commissioner and mailed to the office of thrift supervision, or its21
	1720	+	successor, within ten days after such THE meeting. Such THE verified22
	1721	+	copies of the proceedings of the meeting when so filed shall be ARE prima23
	1722	+	facie evidence of the holding and action of such THE meeting.24
	1723	+	SECTION 67. Act subject to petition - effective date -25
	1724	+	applicability. (1) This act takes effect at 12:01 a.m. on the day following26
	1725	+	the expiration of the ninety-day period after final adjournment of the27
	1726	+	1381
	1727	+	-58- general assembly; except that, if a referendum petition is filed pursuant1
	1728	+	to section 1 (3) of article V of the state constitution against this act or an2
	1729	+	item, section, or part of this act within such period, then the act, item,3
	1730	+	section, or part will not take effect unless approved by the people at the4
	1731	+	general election to be held in November 2024 and, in such case, will take5
	1732	+	effect on the date of the official declaration of the vote thereon by the6
	1733	+	governor.7
	1734	+	(2) This act applies to the operations of the division of financial8
	1735	+	services, the commissioner of financial services, the financial services9
	1736	+	board, credit unions, savings and loan associations, and life care10
	1737	+	institutions on or after the applicable effective date of this act, including11
	1738	+	the imposition of fines by the commissioner of financial services against12
	1739	+	a person who violates a cease-and-desist order or a suspension or removal13
	1740	+	order.14
	1741	+	1381
	1742	+	-59-